When you create a will, part of this process involves naming someone as the executor of your estate. This person is responsible for handling your affairs after you die and making sure the court adheres to the terms included in your estate planning documents.
According to the IRS, some of the duties of an estate executor include paying creditors, distributing assets to beneficiaries and heirs and collecting the assets of the estate’s owner once he or she dies. As you work on your estate plan, there are certain qualities you should look for in the executor you choose.
Organizational skills
While settling an estate, you must pay close attention to detail. Missing deadlines, for example, can draw out the process of settling your estate, so you want to pick an executor who is detail-oriented and will keep the estate closing process on schedule.
Dependability
The executor you choose should be someone you can rely on. The main reason this is important is that after you die, your executor will have an insider’s view of your assets and finances. The executor you choose will need to maintain a level of confidentiality while settling the finances of your estate.
Financial knowledge
You want your executor to exhibit care and caution when handling the assets in your estate. For this reason, choosing someone with a certain level of financial skill can prove helpful.
Carefully consider who will be the executor of your estate when you put together your will and other estate planning documents. And if you decide that your current executor is no longer a good fit, take steps to update your will.