Choosing an executor can be a tricky job. Picking the right executor for your estate can help ensure the prompt implementation of your will and that your voice and wishes are honored after you pass. Because this person will be responsible for much more than managing and distributing your estate, you will want to choose the right person for the job.
An executor is a person legally named in a will to carry out the wishes for the deceased person. This person is charged with reviewing your assets, paying for bills and taxes on the estate, settling outstanding debts and sending records to beneficiaries. When an executor is not named or cannot be determined, the state of New Jersey will appoint someone to be the executor. An executor plays a critical role in your estate plans. How do you choose the right person? What should you consider?
Qualities and characteristic to consider when selecting your estate’s executor
The best-qualified person is often organized and patient. Settling an estate demands great attention to detail. Furthermore, probate has a reputation for taking longer than most people anticipate. Being an executor is time-consuming. It is wise to choose someone who can administer your estate in a timely fashion. To ensure your executor is the best person for the job, look for the following attributes:
- Ethical and dependable
- Financially savvy
- Experience with tax matters
- Fair and impartial
Qualities that may eliminate someone from consideration include if they are financially unstable, impatient or prone to have personal conflicts with your beneficiaries.
There are a lot of factors to consider when it comes to selecting the executor for your estate. In addition to performing administrative duties, your executor will also guide your loved ones throughout an emotional and challenging time. Carefully consider the full spectrum of qualities you want your executor to possess before you make your final decision.