You have a lot of documents to draft and complete while tending to your estate, but you have a lot of other decisions to make, too. Do you know whom you want to serve as your executor?
CNBC explains the role of executor and qualities to look for. Get insight into making the right choice for the person charged with carrying out your end-of-life desires.
Because your executor must make monetary decisions for you, consider financially responsible candidates. Reconsider those in your life who filed for bankruptcy, do not have a credit history or have liens against them, as they could have trouble becoming insured to serve as executor.
Executors should display a sense of responsibility for more than money. They should demonstrate personal responsibility for communicating with beneficiaries, making difficult choices and settling your estate as quickly as possible without cutting corners. If you have trouble thinking of responsible people in your life, you may appoint an accountant, a legal representative or a trust company to serve as your executor.
Once you decide who would act as a great executor, think about a younger successor to fill the role. Something could happen to your primary candidate, such as dying before you or stepping down from the role.
Patience and emotional maturity
Settling an estate could come with a lot of emotional upheavals, so your executor must have the patience and willingness to see things through. Tending to end-of-life decisions may take more time than anticipated or involve unexpected hurdles, all of which your executor must navigate with patience and diligence.
Take your time when choosing your executor. The person chosen for the role holds everything in your life in her or his hands.