When a person passes away, they leave behind things that range from tangible assets, like cars and jewelry, to intangible assets, like bank accounts and stocks. The executor is the person who handles all of these assets after death and distributes them accordingly. It’s not easy to select the right executor for your estate, but here’s some information to help in that regard.
Consider the individual’s financial history and situation
The estate executor will be dealing with your money and assets, so it makes sense to choose someone who is financially responsible. You can begin by checking their credit score and tax history. If they have a lot of debt and no savings, then you should probably choose someone else to take over your estate. Additionally, it’s important to consider the executor’s current situation. For example, if they are currently unemployed or retired, now might not be the best time to choose them in your estate planning process.
Consider the individual’s health history and time
The estate executor will need to be physically and mentally capable of handling the task. You can learn a lot about someone by looking into their medical records. For example, if they have cancer or Alzheimer’s disease, then it would not make sense to choose them as an executor. Also, consider how much time your estate executor has available to them. If they have a family and many other responsibilities, then they might not be the best candidate.
Consider their diplomatic skills
It’s important for an estate executor to be a good leader, communicator, conflict manager, and negotiator during your estate planning. You need someone who can work through difficult situations with your beneficiaries in order to come to fair decisions about the assets you leave behind. If your executor does not have strong diplomatic skills, then it might make sense to find somebody else for this role.
Estate planning can get complicated, but it is worth the effort. One of the ways of making sure that it’s successful is having the right estate executor.