3 attributes of good estate executor
Once you have made your estate plan, you need to designate someone to put it into practice when you pass away.
If you forget to pick someone, the probate court will choose someone for you, but typically it’s best to make your own choice.
Here are some qualities you should look for when thinking about who to name:
This is crucial. I’d you have any doubt at all about a particular person’s trustworthiness, forget them.
The person you name as executor may have opportunities to take assets for themself, and while the court will exercise some supervision, it might not notice everything. So naming someone you have total faith in is crucial. Otherwise, your beneficiaries could lose out on their rightful inheritance.
Maybe you have friends or relatives who constantly turn up late or forget to do the things they promised. There is too much at stake here to take a chance on someone like that, however much you might trust them to be honest.
Others (the beneficiaries) are dependent on the executor fulfilling their role. Anyone unreliable could cause delays and frustration. It is better for everyone to get someone who will do things efficiently and when they say they will.
Being an executor is not always simple. It will involve research, reading, math and clear communication. You must choose someone with reasonable competency in these areas, as mistakes will cause problem and could waste money.
Whoever you choose, they don’t have to work it all out themselves. They can seek legal help to guide them through the process.