When you pass away, you will ideally have an estate plan in place that gives instructions to your family. But you do need to choose an estate executor or an estate administrator, who will actually carry out those instructions in accordance with your plan.
This person will be responsible for paying debts, administering copies of the estate plan, communicating with beneficiaries, inventorying assets, distributing those assets, and much more. It is crucial to choose the right person for the job.
Are they willing to do it?
First and foremost, find someone who is willing to take on this responsibility. It is a lot to ask, and not everyone will want that obligation. Also, look for someone who has the time to do so. The estate administration process can take months.
Are they suited to the task?
Next, look for someone with the proper skills and abilities to take on such a complicated task. They should be detail-oriented and organized. It may help if they have a background in financial or legal issues, as well as a high level of education. Consider both the intellectual and emotional components of operating as an estate executor.
Can you and your family trust them?
Finally, you are giving this individual a lot of power over your estate, and they can have a major impact on your beneficiaries. You should always select someone who you explicitly trust to follow your instructions and put your family’s best interests first.
Do you already have someone in mind to be your estate executor? Be sure you know what steps to take to legally set up your estate plan.