As you create your estate plan, a lot of attention will be devoted to whom you’ll leave your assets and in what fashion. While figuring out asset distribution is certainly a major aspect of the estate planning process, it isn’t the only issues you’ll want to be sure to address. In fact, there are several other areas of estate planning that, if left unaddressed, could lead to devastating consequences for your estate, your loved ones and your intended vision of the future.
Amongst them are your choice of executor. This individual will take on large responsibilities once you pass away, including paying your estate’s creditors, meeting the estate’s tax obligations, appearing at hearings in the probate court and distributing assets. The role requires attention to detail, the ability to competently navigate financial matters and time. For some, the stress of the role can be enormous. This can leave you questioning who you should choose to act as your estate’s executor.
Who should you pick to serve as estate executor?
This is a difficult question to answer since there can be many factors that come into play here. That said, there are some specific characteristics that can make an individual a good fit for the executor role in your estate. These include:
- Trustworthiness: The executor has multiple obligations that must be fulfilled. If they fail to adhere to their responsibilities, then your estate can be subjected to costly litigation, leading to your hard-earned assets being drained away. By choosing someone you trust, you can rest a bit easier knowing that the logistics of settling your estate will be handled by a capable person who wants to do right by you.
- Good communication skills: The estate executor has to facilitate communication with multiple parties to ensure the estate is properly handled. This includes heirs and beneficiaries as well as creditors and the court. If your executor is poor at communicating, then the settling of your estate can flounder, and it could lead to negative financial consequences for your estate and your loved ones.
- Strong decision-making skills: In an ideal world, the executor would settle your estate and follow crystal clear instructions laid out in your estate plan without issue. But sometimes unexpected problems arise. When that happens, it might be left to the estate’s executor to decide, for example, how certain assets are to be distributed. You need someone you can rely upon to make the right decision under pressure and in consideration of what you would’ve wanted.
- Responsible: Your estate’s executor needs to take ownership of their work. You also need someone in that role who understands what it means to live up to their obligations and to fulfill their responsibilities. It’s also helpful if the executor can identify when they’ve taken on too much and need to seek assistance from other professionals, like an accountant. If they can do that, then you can rest assured that they’ll ensure the job gets done and gets done right.
Develop the estate plan that best protects your interests
To protect your interests and your vision of the future as much as possible, you have to gain a full understanding of the estate planning process and how you can use it to your advantage. We know that might seem daunting at first, but don’t let the process intimidate you. Instead, continue researching what it takes to craft a strong estate plan and where you may be able to find support in generating the estate planning tools you want. Hopefully then you can make fully informed decisions that protect yourself, your estate and your loved ones’ futures.