When choosing an executor for your estate plan, it is important to understand the sort of duties expected of them first.
This allows you to pick the best potential fit for your plan, considering the duties and responsibilities actually weigh quite heavily on the executor.
The skills of a manager
Forbes takes a look at what executors must do. They essentially act as the lead figure in an estate plan, coordinating with other important figures like financial advisors and attorneys.
They make sure that everything gets done on time and according to legal standards, which is where the close working relationship with the attorney comes in handy. This requires numerous personal skills as well, such as time management, the ability to self-direct and a good sense of scheduling.
Financial responsibilities
They tend to handle most financial matters regarding your death and the aftermath. This includes handling any funeral matters that have not yet gotten pre-arranged, such as paying for a service or venue for a celebration of life.
It also includes things like paying any final taxes, paying off any remaining debts, keeping up with ongoing bills such as electricity in a home, and cutting off any unnecessary bills like magazine subscriptions.
On top of that, the executor will hand assets to the beneficiaries after the probate process. This means they also need to possess strong social and communication skills.
It is a combination of skills not everyone possesses, along with a huge number of tasks and duties. It is important for your choice to be up to the task.
