Stating your wishes on how to be taken care of when you become incapacitated or how to distribute your estate when you die makes estate planning an essential process for everyone. But the party you name as your executor plays an integral role in attaining this.
You want to name someone who will ensure your wishes are fulfilled and your loved ones are protected as you intended.
Here is what makes a good executor:
Honesty
Honesty is a vital quality of an executor. Since they will be in charge of your estate before distribution, you want someone you can trust will act in your best interest. Choosing a dishonest party can negatively impact your beneficiaries.
Objectivity
Managing an estate after the death of a loved one can be an emotional experience. And this can influence one’s decision-making. Thus, you need to choose someone who can be objective.
You can identify an objective person by assessing how they make decisions in their life, especially during difficult times.
Organization
Your executor will handle many documents once they assume their duties. For this reason, consider choosing someone with organizational skills to avoid cases of lost documents, late filings, inaccurate records and so on.
Good communication skills
Communication is one of the duties of an executor. They need to keep beneficiaries and interested parties reasonably informed. If they fail to do so, your loved ones may believe they are engaging in executor misconduct. In turn, they can file a petition to remove the executor. Poor communication can also lead to a will contest.
Choosing an executor with the right qualities is crucial. Connecting your executor with the professionals you work with when drafting your estate plan is also beneficial, as it can help them understand their role in depth.