Naming an executor is an essential aspect of a solid estate plan. This person is responsible for carrying out numerous tasks, including paying creditors, locating assets, and dispersing inheritances.
Your selection must have certain qualities to carry out these tasks successfully. Here is how you can choose the right executor for your estate.
The person must have time to devote to the role
Being an executor requires a substantial time commitment. It typically takes about 16 months to settle an estate on average, although high-value estates can take as long as three years or more. Accordingly, your candidate must be able to fit their executor duties into the rest of their lives. With this in mind, a person with young children or someone who works long hours may find it challenging to devote time to the role.
They should exhibit financial responsibility
Consider the person’s approach to their own finances when determining their level of responsibility. The best executors are people who are responsible about their own finances, and that means people who are diligent about paying down debt and saving, and those who do not spend money frivolously. The person does not need to be a financial guru, but they should exhibit a strong understanding of personal finances.
They must agree to perform the tasks
Even if you find the perfect person to fulfill the role, you must make certain that they are up for the challenge. Once you have made a decision, contact the prospective candidate immediately to discuss the matter. Explain what you expect from them, so they fully understand the commitment. Also explain a little about your estate, including the location of properties you own out of state. And if the person expresses reluctance, it is best to continue your search.
Even if you are fully confident in your initial selection, you should still have another option in case your first is no longer available. In this case, consider naming a contingency executor to ensure your estate receives the proper care after you are gone.