When making your estate plan, you need to select an executor. You may initially feel tempted to go with your gut or your first choice, especially a family member.
But is this the best way to pick an executor? How do you even know which executor will serve your estate the best in the first place?
What do executors do?
Forbes discusses executors and what they do. They actually have numerous duties and responsibilities because they essentially act as the center of an estate plan after the estate plan creator’s death.
It is up to an executor to organize and communicate with all other members of the estate plan, including the attorney and financial advisor. It is also their duty to communicate with the beneficiaries as well as any debtors.
First, the executor must ensure that the funeral arrangements go as planned. This can include paying for burial services or cremation services, renting out a venue and more.
Next, executors need to lead the estate through the probate process, which can last years. This will include steps to repay any outstanding debts.
After probate, the executor must then divide any remaining assets among the beneficiaries in accordance with the will.
The skills needed
In short, it takes a lot of time management skills, responsibility, self-management capabilities, and strong communication and networking skills.
Not everyone has what it takes to take all of these heavy jobs onto his or her shoulders. This is why it is crucial to truly think about executor choices before picking one.