Naming an executor is often part of drafting a will. If you have a person in mind, you can fill the role with little to no trouble. Still, there is no assurance that they can perform as an executor properly.
Typically, an executor’s responsibilities require immense time and effort. If you name an unfit person for the position, it can lead to disputes among your beneficiaries. Before deciding who to assign as an executor, you should consider their characteristics and circumstances, which can significantly impact their capacity to carry out their tasks. Ideally, your estate’s executor should have the following qualities:
- Organized and pays attention to detail – These skills are crucial for sorting your assets, paying off outstanding debt, accomplishing tax requirements and completing other recordkeeping tasks.
- Patient and has a high tolerance for stress – Managing your estate can be stressful, taking up much of the executor’s time. The process can last months to years, depending on the circumstances.
- Proactive – Aside from keeping beneficiaries updated, the executor must also verify the enforceability of any agreements regarding the estate. They should raise any concerns if they notice any inconsistencies.
- Trustworthy – Since the executor will act on behalf of the decedent, their character should be worthy of others’ trust, specifically the heirs and beneficiaries.
Additionally, it can be helpful to review if the person for the role has the capacity to perform their duties. Before naming someone for this position, consider if they already have too much on their plate because of other personal or work obligations.
Making sound estate-related decisions
Preparing a will or estate plan can only be as effective as your decisions. Choosing the right executor or estate planning option can make a difference when your estate enters probate. It is best to seek skilled legal advice and verified information before making these decisions.