The role of an executor administering an estate is an important one which is why an executor should be selected with care. For that reason, estate planners should know how to select an executor and what to base that decision on. The role of the executor is a big job and estate planners want to know that job will be done well.
How to go about selecting an executor
The role of the executor for an estate is a significant one. The executor will be responsible for filing the will, paying of the estate planner’s debts, closing accounts and distributing remaining assets according to the specifications included in the will. To accomplish all of this, there are several characteristics to look for in an executor including:
- Organizational skills;
- Ability to manage the role of executor with their other daily responsibilities; and
- Preferably not located outside of the country.
If the estate planner’s estate plan includes a trust, similar factors should be considered when designating a trustee. The process of administering an estate can take months to years which is why the estate planner needs to select a reliable executor for their estate who can manage the various components of the estate administration process for that length of time.
Making informed decisions
When considering executors, and once the estate planner has decided on one, it is a good idea to ask them if they will be willing to serve in that role before including them in the estate plan. It is also a good idea to consider a back-up executor in case the one originally selected is unable to serve in that role. Selecting an executor is an important part of the estate planning process and should be done with care, knowing what factors should be taken into account.