An executor does crucial work, makes informed decisions and should always remain aware of the goings on within an estate and the potential drama among the heirs. It takes the right kind of person to fulfill an executor's duties, which include working alongside lawyers in settling the estate, paying outstanding bills and taxes, distributing assets and serving as a mediator when disputes arise among heirs.
When it comes to choosing an executor, many people go the default route in selecting their oldest child. But, sometimes, that may not be the best choice because that person may be incapable of performing some of the tedious and time-consuming tasks. This makes you wonder: What qualities should the ideal executor possess?
Reliable, organized and savvy
It takes the right kind of person to fulfill this often thankless, but pivotal role. When choosing an executor, make sure to let that person know if they are willing to take on the role. But, before you do that, determine the best person for that role.
Now, here are some of the qualities you should hope to find in an ideal executor:
- Willingness: He or she has the availability and desire to take on these time-consuming duties.
- Trustworthy and reliable: This person should have the knowledge and dependability in carrying out your decisions.
- Organized: A solid executor understands or quickly learns the necessary and precise steps in settling an estate.
- Calm and level-headed: This is a quality especially to have when confronted with disputes among heirs.
- Financially savvy: Someone who understands investments, stocks, bonds, taxes and other finance-related matters will be a strong advocate.
- Confident and patient: You want someone who is up to the task and willing to stay for the long run until settlement.
A dependable executor will help the process go as smoothly as possible. And remember to revisit your executor choice, too, every time that you update your will.