As a parent, and possibly grandparent, caring for your loved ones in the wake of your passing may inspire you to draft a will. And although it might be uncomfortable speak with your adult children about distributing your assets once you are gone, you probably want to make sure they understand your wishes and are on the same page.
Many important considerations are involved with a comprehensive estate plan. Among them, how will you choose the executor of your estate?
Helpful characteristics in an executor
When determining who will sell and distribute your property, pay outstanding debts and perform any necessary legal tasks on your behalf, choose wisely to avoid unnecessary disputes. While your adult children may be fully capable of handling these matters, you might rather choose someone else to look after them and help settle any disputes that may arise.
Some of the traits you should look for in your executor include:
- Patience. Your executor will probably have to deal with a variety of people who hold different expectations or have potentially difficult personalities. Likewise, they must navigate through situations which may not go as planned. Sometimes your executor will have to navigate their way through mistakes, negotiations or disagreements.
- Financial integrity. Your executor should have a good credit rating and be in good standing financially to prevent problems with bonding.
- Responsibility. Whomever you choose as your executor needs to be able to solve problems, communicate effectively and make tough choices. Since your executor will get paid for their services, you should be able to expect them to perform their duties like they would do their job.
Your executor may have a wide range of tasks to complete while dealing with the matters of your estate. However, choosing someone who has the capacity to handle your affairs can help carry out your wishes when the time comes.
