When choosing an executor for your estate, you should understand what the position entails. There are certain qualities that would help the chosen individual complete all of the tasks required.
When asking someone to take on the role, make sure he or she also understands the time and responsibilities that the position requires.
Responsibilities of an executor
FindLaw discusses that it is the executor’s job to manage and settle the estate after the decedent’s passing. This includes finding all heirs and telling them about the death, locating and valuating all named assets and distributing assets to the proper beneficiaries. The executor must also pay the estate’s bills, file and pay taxes and cancel accounts. Until the settling of the estate, the executor needs to make sure upkeep of the property continues.
Qualities and skills that make a good executor
Common choices for executors include spouses, grown children and siblings. However, if the estate is particularly complex, an attorney or financial professional may be a better choice. It is also possible to choose co-executors to manage the estate.
Honesty and communication are important qualities for an executor to have, and AARP discusses that organization and attention to details are also imperative skills. As the individual will be working with a variety of people and personalities, it helps to have a calm demeanor.
An executor should understand the amount of time that settling an estate can take. Not only can it take months or even years to close an estate, but some of the necessary tasks take a decent amount of time. It helps if the executor lives nearby, as he or she may need to make multiple trips to the estate and courthouse for filings and proceedings.
