With estate planning, deciding who will be your executor is incredibly important. This person’s job will be to carry out your final wishes and ensure that your estate gets handled according to your wishes. Selecting the right executor can ensure that your instructions are followed and that your wishes are upheld.
Trustworthiness and reliability
Note that an executor can be a family member, friend or professional. Whomever you choose, it is important that this person is trustworthy and reliable. Your executor’s responsibility will be to make sure your wishes are handled in an orderly and timely manner, so choose someone who understands the importance of this role.
Knowledgeable about estate law
Your executor should also have a solid understanding of estate law. This is essential to ensure that your wishes are properly carried out according to the law, and there are no legal issues. Even if you choose a professional executor, he or she must have experience with estates and understand how to handle them properly.
Ability to manage finances
Your estate’s executor will also be responsible for managing and distributing any assets or finances among heirs. Therefore, the executor must have the ability to manage finances responsibly and make decisions in line with your wishes.
Willingness to work with other professionals
Estate planning often involves working with a number of professionals, including accountants and lawyers. Your executor should be willing to work with these professionals and make sure that everyone is on the same page when it comes to fulfilling your wishes. This can especially be important if there are complex issues or legal disputes that need to be addressed.
What happens if you don’t have an executor? In this case, the court will appoint someone to oversee your estate. You may not be comfortable with someone who is appointed by the court, so it is important to plan ahead and choose your own executor who can fulfill all the requirements.