One of the most vital decisions associated with estate planning involves choosing a person to oversee your estate. Most people select a family member such as an adult child or a spouse to fill the important role of an estate executor. However, you can choose whomever you feel is best able to perform the required tasks.
Choosing an executor for your estate is not as simple as it seems. Many people automatically pick their spouse or child to fill this role, but it makes better sense to consider the issues carefully before putting it down in writing.
Some of the most important basic qualities of a good executor include:
- Honesty when handling financial matters
- Excellent organizational skills
- Ability to communicate well with others
- Skill handling disputes that may arise among beneficiaries
Location also plays a role in whom to select as the executor of your estate. For example, if your top candidate possesses all the qualities listed above but resides in Florida, it may be smarter to choose someone else. Administering an estate often involves traveling to and from required court appearances, which can be difficult when residing in another state.
Another vital consideration is the health and fitness of your executor. If your chosen representative is ill or in poor physical condition, they may find it challenging to fill this role. You can still choose the person you want, but it is wise to also name alternate executors in case your top choice cannot fill the role.
Forethought combined with professional legal guidance allows you to rest easy knowing you have selected the proper person to protect your assets and your heirs.