New Jersey residents like you put time and effort into your estate in your life. Thus, it makes sense to put as much time and effort into your estate plan. After all, this ensures that your estate gets handled according to your wishes after your death.
To reach this goal, it is crucial to have an executor that can manage your estate well and carry your plan out. But how do you pick one?
Pick an executor who knows your life situation
Forbes discusses the important characteristics to look for when selecting an executor. A common mistake is feeling like you can leave this role to a godparent, relative or other loved one just because they have close ties to you. It is important for your executor to know you well, on one hand. They should have knowledge about your family’s situation in addition to your personal values.
Key professional values for executors to have
But what is perhaps more important is their professional skills. Are they organized and timely? Do they work well in a managerial position? Do they have experience working with financial professionals? Do they have a strong eye for detail and the ability to pay close attention to every small matter?
It is also important to select someone old enough to be mature but young enough to outlive you. Your pick should also have free time in their future to dedicate to your estate management. After all, probate can sometimes last years.
In some cases, a family member acts as the perfect pick that suits your needs. But not always, so do not let that desire limit your potential choices.