Planning for an estate requires choosing a good executor. According to the Michigan legislature, the person nominated in a will receives precedent over an estate’s proceedings. If you do not appoint a person for estate administration, the state follows a specific order of priority until creditors and state administrators eventually take over.
If you want your estate administered adequately, you should consider a few things before nominating an executor. See below to get four qualities a good executor must have.
Distributing an estate requires good organizational skills. Do not choose someone because they are a close friend or they owe you a favor. Executors must be able to meet deadlines and keep track of the proceedings.
Again, just because someone is close to you does not mean they will act ethically. You have the freedom to nominate anyone, but make sure they have a good moral compass and will not take advantage of your estate after you pass away.
Executors must resist any claims that contradict the wishes in your estate plan. Family members may approach your executor and say you made a verbal commitment. Some might even draft false documents. Your administrator must be solid during this challenging time, not bend to outside pressure.
Even if you find the perfect executor, they need to be available, or they are useless. Make sure your executor understands the time commitment and that they consent to your request.
The right executor for your estate is essential if you want a clean and easy disbursement to beneficiaries. Take some time to consider who you need for the job, and approach them sooner rather than later.