When choosing someone to administer your estate, it’s better to choose someone yourself and get their approval than leave it to a court to have to appoint someone you may not have wanted.
Naming the right person for this job is crucial. Here are three of the qualities to look for when determining who will best fill the role.
Willingness
Executing an estate takes time and effort, and while some payment is possible, most executors could use that time more profitably elsewhere. Therefore, it is essential that the person you pick is genuinely willing to give up their time for this.
This is why people often pick family members, including those who may be beneficiaries themselves, although this can have its own complications at times. It’s also why some people prefer to pay a professional third party to execute the estate rather than ask a favor of someone close to them.
Organization
There are lots of tasks to complete when executing an estate, and there are deadlines to meet. You need someone who is on the ball, efficient and diligent because delays and mistakes can have a significant cost.
When someone is clearly organized, it also helps to reassure the interested parties that things are being done as they should. This can reduce the chance of suspicion and unhappiness that could lead to a challenge.
Honesty
It’s important to choose someone you trust and preferably someone that others trust. However much you trust your best friend, if your wife has always thought he was a bit sketchy or your brother once had a bad business experience with him, then it may be best to look elsewhere.
Learning more about how probate and estate administration work and getting experienced estate planning guidance can help you select someone suitable and document your choice correctly in your estate plan.
