Naming someone to oversee the administration of your estate is a big task that requires careful thinking. Considering the nature of the role, as well as the scope of responsibilities, you will want someone trustworthy.
Identifying key characteristics of a good executor may help you narrow your search. With the right person acting on your behalf, you can have confidence that your affairs will receive appropriate attention.
A keen financial perspective
Most tasks related to the administration of your estate involve finances. For example, collecting and protecting assets, settling debts, filing and paying taxes, selling real estate and distributing assets are just some of the responsibilities. You will want to select an individual who has a proven, keen financial perspective.
Flexibility with personal obligations
Administering an estate takes time and could require the person you name to take time away from personal obligations. According to CNBC, the average time it takes to close an estate is 16 months, although it could stretch longer than that. Finding someone whose career and personal life allow flexibility to tend to other obligations would be an ideal fit.
Empathy and a friendly demeanor
Your executor will deal closely with your surviving family members. Considering they will most likely experience grief at the time of your death, you will want someone who can show empathy. Choosing someone who is friendly and understanding of others may reduce the likelihood of disputes and encourage unity.
An executor plays a critical role in the success of your estate administration. Your diligence in choosing the right person now could make all the difference in how effectively your estate is administered later.