How to Choose an Executor of Your Estate

Establishing an estate plan may seem like a daunting task. Not only does it require you to take inventory of your possessions and assets, but you must determine who you would like to receive your property.

One of the most important components of creating your estate plan involves choosing who you would like to oversee your affairs once you pass. The executor of the estate is in charge of handling these matters, so it is critical that you select a person that is best suited to take on this heavy responsibility.

What does an estate executor do?

Sometimes referred to as an estate administrator, the executor represents the estate through the probate process, according to Bankrate.com. Once he or she gathers all of the property and assets included in the estate, the administrator determines the estate’s value. Any remaining taxes or expenses left by the estate are then paid out of the value. The courts then distribute the remaining possessions to the beneficiaries named in the last will and testament.

The executor must protect the property and assets during this time and ensure everything gets to the proper final destination.

What characteristics should an good executor have?

Choosing an estate executor that is up for the job is critical. You want to choose someone that has certain characteristics including the following:

• Trustworthy to ensure he or she will not steal or deflect any property or possessions
• Punctual to ensure he or she meets deadlines on time
• Organized to ensure he or she handles everything properly and does not overlook anything
• Available and has the time needed to spend on estate matters

If you have not yet written a comprehensive estate plan, you are in good company. After all, according to a recent survey, more than half of Americans do not have even a basic will that outlines what happens to their assets after death. Still, to borrow from the old adage, there is no time like the present to plan your estate.

A key component of your estate plan, of course, is designating an executor. This individual settles your estate after your death by paying outstanding debts and dividing assets based on your instructions. While virtually anyone can serve as an executor, good ones have some common traits.

Good executors have experience

If you have a complex estate that involves real estate, investments, trusts and other in-depth matters, it may be advisable to find a financial professional to act as your executor. For a simpler estate, a friend or family member may perform the task perfectly well. Nevertheless, you likely want your executor to have some fundamental knowledge about estate administration, debts. probate and taxes.

Dilligence is required to execute an estate

Settling your estate may be a time-sensitive matter. It also may require the executor to have frequent communications with your estate’s attorney, your heirs and others. Put simply, you do not want to designate an executor who is prone to procrastination. By picking a diligent person, you can be certain nothing falls through the cracks.

Grit is often overlooked in estate administration

Your family members, friends, creditors, charitable organizations and others may have some disagreements about how your executor settles your estate. To keep disagreements from turning into all-out battles, your executor should probably have some grit. That is, you want your executor to stand firm when it is necessary to protect your wishes.

While you do not want to put off writing your estate plan, you should closely scrutinize anyone you are considering naming to be your executor. Ultimately, though, if you determine in the future you have chosen the wrong person for the job, you can probably select an alternative before your death.

You may want to consult the proposed executor before naming them in your last will and testament. You may also consider naming a backup estate administrator if one is not available to act in that role.