Executors hold a lot of responsibility and need to accomplish a number of tasks. They act as a central figure to estate planning in general, performing crucial tasks.
Thus, it is important to understand what executors do and how they manage in order to choose the best person for the job.
Forbes takes a look into the duties of an executor. First, they hold responsibility for financial matters related to the estate. This can include repaying any outstanding debts, filing the final tax form, keeping up with necessary ongoing bills and ending any unnecessary ones.
Next, they correspond and coordinate with everyone else working on the estate. This can include attorneys, financial advisors and more. It is often up to them to ensure that paperwork gets to the right places at the right times, which is a big deal with estate planning legalities.
Managing through probate
The executor will see an estate through the entirety of the probate process, which can last years. This means it is important to select someone who does not have any big plans in their future that might require them to move or invest a huge amount of their time elsewhere.
Finally, certain traits often serve an executor better. Someone who has strong time management, leadership and organizational skills will often do well in these situations. It is also crucial for the executor to have a strong ability to handle dealing with others, especially in emotionally intense moments.
This is why it is better to start looking for an executor sooner rather than later. It is important that they suit your needs as well as meet these marks.