When you select an executor for your estate plan, you may not initially be aware of exactly how much power they will hold or how much they will have responsibility over.
In order to choose the right person for this crucial role, you should understand exactly what an executor needs to do.
Have a stable life
Forbes talks about the duties of an executor. They manage more than most people expect, starting with the fact that they need to be available through the entire probate process. This can take years to complete, meaning your choice in executor should have a relatively stable life and future. Someone who makes a lot of big or sudden changes may not work out.
Have strong communication skills
Next, executors need strong communication and interpersonal skills. They will be at the front and center when it comes to discussing matters of your will with your loved ones. The situation can grow tense and get difficult to handle, especially with the emotions that run wild after a loved one’s death. They need to be prepared to handle this.
Manage your finances
They also hold responsibilities for various financial matters of your estate. For example, they will use estate assets to pay off any of your remaining debts and will continue to pay necessary bills. They will also usually file your last taxes for you.
On top of that, they will maintain communication with other important members of your estate plan like your attorneys or financial advisors. In short, it is a role that requires a lot of leadership skills. You should carefully select your executor based on who has the ability to handle a high-pressure, high-responsibility job.