Your estate plan is a way for you to decide what you want to happen with your assets, among many other things—such as making medical decisions. But you still need someone to carry that plan out on your behalf and make sure that it’s actually followed. This person is known as the estate executor or the estate administrator.
So, how do you know whom to choose? There are some legal requirements, such as the fact that they need to be a legal adult and a U.S. resident. But below are a few other factors you may also want to consider.
Do they have the time and ability?
Being an estate executor takes a significant amount of time, so it’s a major obligation for the person taking on the role. It can also be complicated, involving documentation and financial details, so you need someone who can grasp these concepts and take appropriate steps.
Do they have any experience?
It can help to choose someone who has legal or financial experience, which will help them navigate the process. You also want to look for someone who is well-organized, detail-oriented and able to handle numerous complex tasks at once.
Are they willing to do it?
Finally, you need someone willing to take on the role. It can be difficult. There may be disputes with heirs and beneficiaries. The executor may have to make decisions that others don’t agree with. They could even be accused of not properly following the estate plan. It’s an emotional time after someone passes away, so not everyone has the capacity to take on these challenges.
Once you choose the estate executor that you think is right for your plan, be sure you know what legal steps to take to get the documentation in place.
