You have to make several decisions when you’re creating your estate plan. One involves who is going to serve as your estate executor. This is the individual who will take care of administrative matters related to the estate.
The individual you name will have to locate your assets, protect your personal property, find your beneficiaries, pay valid debts, file tax returns, keep records and distribute property to your beneficiaries. It’s critical that you choose someone who can suitably handle those tasks.
What qualities should you look for in an administrator?
The person you choose as your estate executor should be responsible and organized since they have so many duties to complete. They should be able to communicate clearly and be patient as they work through the tasks necessary.
Many duties of an executor deal with the finances of the estate, so the person you name should be financially savvy and willing to make decisions that affect everyone associated with your estate. As your estate’s fiduciary, they must be able to keep the best interests of the estate and beneficiaries in mind as they make decisions.
Does the person have to be related to you?
You don’t have to choose a relative to serve as your estate executor. Choosing a neutral person may be beneficial because they won’t have a personal tie to your estate or any of your beneficiaries. Choosing someone who isn’t related to you also reduces the chance that they’ll make decisions based on their emotional ties to the estate.
Having a comprehensive estate plan can make it easier for your executor to complete their duties. It may be beneficial for you to work with a legal professional who can set up a comprehensive estate plan for you accordingly.