An estate executor has important responsibilities to accomplish including selling assets and settling debts. The person you assign to this role will handle your financial affairs and have access to confidential information.
Take your time deciding who you want to be your executor. Identifying your expectations beforehand may make your search for the right person more efficient and effective.
Financial prowess
Considering an executor deals so heavily with your finances, you will want someone who demonstrates financial prowess. Think about who you know, who makes rational financial decisions and who has a stable job. A person who could reasonably take time away from personal obligations to tend to your estate at the time of closure. According to CNBC, the timeframe to close an estate could exceed 1.5 years.
Dignity and integrity
You will want a person who is trustworthy. An executor will need to distribute your assets, access your financial accounts, pay off outstanding debts and could also deal with your investments. Someone who demonstrates integrity and dignity could provide considerable protection for your estate and the people you love.
Empathy and understanding
Your executor will also work closely with your surviving loved ones. You will not want someone in this role who has an abrasive personality or likes to have full control. Look for a person who is empathic and shows understanding toward others. Your family will appreciate working with someone who has empathy for them and is an advocate for their comfort and satisfaction.
Taking your time to select an executor could save you a lot of heartache and frustration. Additionally, have regular conversations with your executor to outline your expectations. Feeling confident about the person you have chosen could considerably lessen your unease about the future.
