Executors are a pinnacle figure of an estate plan. As such, it is important to understand how to select the best possible one.
Though each estate plan is different and has its own unique needs, the core traits that make a decent executor still remain relatively similar across the board.
A managerial position
Forbes discusses the duties unique to an executor. Essentially, an executor acts as the manager of this enormous “group project”, and every other figure involved will ultimately answer to them. This includes the estate attorney, financial advisors and analysts, and more.
They ensure that everything gets done in accordance with the legal timetable and schedule, filing papers as the attorney requests. Of course, they must manage finances, too. This includes paying off any remaining debts, maintaining bills that still need to be paid, canceling anything that is no longer necessary, and filing the decedent’s final tax form.
They manage matters of the funeral, too. They will ensure the decedent’s body gets handled according to their wishes and will organize any ceremony, celebration and so on that the decedent wished for.
The probate process can last for years if the estate goes through it, and the estate executor will need to stick with it through the entire thing. Thus, it is important for someone to check about their desired executor’s availability beforehand.
Necessary skills and traits
On a whole, the traits and skills that would benefit an executor include punctuality, time management, organizational skills, management and leadership skills, and the ability to communicate well with others. An ideal candidate will possess these skills while also remaining relatable and trustworthy.
