Selecting an executor is one of the most crucial decisions you will make when preparing your will and legacy. Choosing someone to look after your estate after you’ve passed isn’t an easy task; after all, they will be representing you in your absence.
You shouldn’t make haste when choosing a qualified person for the executor’s role. A close relative maybe an obvious choice, but it shouldn’t be your only choice. Your familial bond shouldn’t count in such matters that require other competencies.
When probating a will, the executor is required to carry out the essential, and often challenging, duties. Therefore, you must choose a dependable and competent individual to guarantee that the inheritance process goes smoothly and that your successors or benefactors get their share of the legacy.
What to Look For in a Good Will Executor
You might wonder which kind of individual you should select as your executor when you organize your inheritance and who will handle it after you pass away.
Due to the enormous responsibilities the executor bears, the decision may seem difficult.
Knowing about the characteristics executors must possess can nudge you towards making the right choice.
Some of the things you must look for in a will executor are:
Closeness and history
When choosing someone to be your executor, know that they don’t need to be an expert financial planner. More than expertise, it’s about responsibility that the executor should be willing to take.
Someone who is well acquainted with you can be an extremely good option for an executor. The executor should be able to handle your personal belongings and finances.
An executor’s key characteristic is their personal closeness to your family and the beneficiaries. A little know-how about what is the purpose of a will cannot harm but is a huge plus that can ensure a smooth transition of assets and funds.
Having an understanding of money
Executors are responsible for paying any bills left behind after a person dies, including outstanding fees. Ensuring timely payments is also a key characteristic of a good will executor.
Being adept at court dealings and handling large amounts of money are also important skills. It is advisable to steer clear of someone who is struggling with debt or is not financially independent.
Choose a Reliable and a Responsible Person
Executors are responsible for maintaining historical and inheritance records, notifying agencies and financial institutions of the benefactor’s death, and monitoring possession locations and values.
Being responsible also means knowing when to involve the experts, such as attorneys, accountants, financial advisors, and organizational trustees for advice.
Some people believe they should handle everything independently, but that can backfire. Liability can result from careless action. Make sure that when you are not present, the executor can be trusted with making all the decisions on your behalf. The decisions they make must be based solely on your best interests.
Executors are responsible for distributing your possessions in accordance with your instructions. Your executor must follow your instructions in your will regardless of the wishes and desires of your friends and family members or their personal desires and needs.
Choose an executor who will carefully manage your assets during the inheritance process. You will have a lot of influence and power over them.
It is possible to appoint a lawyer, accountant, bank, or trustee organization as an executor if you don’t trust your friends or family members to play a fair role or if you doubt their competencies.
Third parties often charge higher fees or additional expenses than friends or relatives.
Who can be the best will executor?
Consider appointing one of your closest relatives as an executor if they have an accountancy background and have the professional skills. Let the executor know beforehand of their role that they’ll have to play later on.
Bring your executor to meet with your attorney, financial advisor, and accountant, so as to ensure collaboration and cooperation between them in the future.
Defusing disputes or resolving conflicts is an essential skill for an executor to have. Some relatives may disagree with the benefits they get or feel resentful for being left out. Conflict resolution and the ability to calm people down when they get agitated is a sought-after skill in a will executor.
Your executor must be financially independent. People with large debts to pay, lawsuits pending, negative credit records, and those who’ve filed for insolvency are not your ideal options.
The following are the preferred personal qualities you need to look for:
They’re available when needed
The duties of an executor require a lot of effort and time. Your executor may need to devote a large amount of time to this task because resolving asset allocations may require a year or longer.
If the property assets are vast, the time and documentation required may be as equally long and detailed.
The real estate lawyer can handle tasks like negotiating with the Department Of Social welfare and completing legal paperwork, which may relieve your executor of the burden of having to spend much effort and time away from their family.
Being an executor requires patience, which can be challenging for those with hectic schedules. Choosing an entrepreneur with economic expertise may appear appealing.
However, a preoccupied person might not have the time to get the job done as well when they have other business responsibilities to take care of.
Must Be Vigilant and Organized
The executor must determine which debt claims are legitimate and which are not. You might need to appear in court to protect your inheritance from spurious claims. As an executor, you may have to fight off disputes in a court of law that aim to appropriate the belongings of the benefactor entrusted to you.
Managing paperwork, banking information, and perhaps shares or other assets make up another layer of responsibilities.
Executors cannot work alone. They have to remain in close collaboration with experts, including assessors, financial consultants, and tax experts, as well as submit lists of your possessions to the inheritance judiciary.
It will take a lot of organizing skills to retain and track all the pending tasks and resolving inheritance issues as they arise. The executor has to keep the beneficiaries’ interests balanced.
As a result, they need to be vigilant, impartial, and rational when making administrative decisions regarding your estate.
You should choose an executor who can adequately perform the role, obligations, and can equally represent the heirs’ interests. It is important to take all of these factors into account when choosing an executor and find someone who can carry out the duties after you pass away. Before you sign your will, confirm with the would-be executor if he/she is ready to take on the demanding role.