When it comes to estate planning, there are lots of important decisions you must make to protect your assets. You must also choose an executor for your will, who will be the person responsible for carrying out all essential duties.
Selecting an executor is a huge task, as the role is crucial to your assets and family after you are gone. Here are a few qualities to look for when seeking a person to fill the role.
The first thing to consider is how financially responsible the person is in their own life. Selecting a person that spends frivolously or has large amounts of debt might not bode well for your estate. This person will have control over your finances so they can pay creditors and disperse assets to heirs. If they are not responsible, there is a risk they could treat your finances like their own. Accordingly, you must select a person who is financially responsible in their life for the best results.
It also helps to choose a person who lives relatively close to you. In the event the unthinkable happens suddenly, the person must be able to get to you as quickly as possible. If they live across the country, it will naturally be more difficult for them to travel to handle the details of your estate.
Finally, consider how sensible your selection is. Along with their financial responsibility, they must be a relatively organized person. For instance, they will need to fill out documents, contact creditors, file court papers, and possibly even locate properties or assets. The more adept a person is at general organization, the better they will be at handling these tasks as they process your estate plan.