Tips To Help Select An Executor For Your Will

When you make an estate plan, part of that estate plan may be a will. In your will, you will have to pick a personal representative, or what is otherwise known as an executor. But how do you pick the executor? What qualities should you look for in selecting an executor?

The Role of the Executor

An executor is the person that will “make your will happen” in real life. The executor is the one who gathers the assets, inventories what is in the estate, tracks down beneficiaries, and works with organizations like banks or financial institutions, to ensure that property is accounted for, and to ensure that it gets in the hands of whomever the will designates that the property is supposed to go to.

Unlike a trustee of a trust, the executor’s job is done whenever the will’s directives are finally met—that is, when everybody gets what they’re supposed to get through the will.

Who Can Be an Executor?

So how do you pick this important person?

Legally there are almost no restrictions on who can be an executor so long as he or she is competent and capable mentally, and so long as the executor is over the age of 18.

So the bigger question is who should be the executor since most everybody is eligible, legally.

Honesty and Responsibility

The executor will be handling and be responsible for a lot of money and assets.

That means honesty is a big characteristic, and the ability to withstand any temptation to do anything immoral or illegal. Think of who may have serious financial problems, anybody who may have had criminal charges in the past for dishonesty, or anybody that you just may not trust to put the estate’s interest ahead of their own—they may not make the best executors.

Executors need to be responsible. They need to follow up with banks or brokers, get required documents to whatever institutions need those documents in order to give property to whomever is supposed to get it. That means someone diligent, who can follow up with things, and who can balance a lot of things on their plate at one time, would be a good choice.

Responsibility also requires time to spend on doing these things, as well as time to speak to beneficiaries, attorneys, or to get and send whatever documents may be needed.

Communication Skills

Many of your beneficiaries may be unhappy with what you left to them. They may blame the executor, or try to accuse the executor of doing things. That means that a good executor should have great communication skills, and a thick skin, to do what is right, and what your estate plan says—not to cave to the upset of others.

On that note, a less controversial pick for executor may be a good choice. Family members that may have a better relationship with the rest of the family, may be a better choice to be executor.

Call the Torrance probate will and estate attorneys at Samuel Ford Law today for help making the important decisions in your estate plan today.

Sources:

citizensbank.com/learning/how-to-choose-an-executor.aspx

kiplinger.com/article/retirement/t021-c032-s014-7-tips-for-choosing-the-right-executor.html