As a Michigan resident, you may have questions about how to create a good estate plan. You might want to skip ahead to things that seem important. You may want to first focus on asset division or your beneficiaries.
But there is something you need to do before anything else. You need to find a good executor for your estate.
Professional skills of a good executor
Forbes discusses how to select an executor for your estate. They are a support beam for the entire plan, so you do not want to make a hasty decision. You may gravitate toward family members first when choosing an executor, as many others do. But Forbes discourages this to a certain extent. Instead, they suggest prioritizing professional skills in your potential picks.
In this situation, professional skills include the following:
- Timeliness
- The ability to create and maintain a schedule
- Working without external pressure
- People and communication skills
- Organization skills
It also helps to have prior experience in leadership roles. The best executors often have experience working with other legal professionals, too. This can include lawyers, financial advisors and more. After all, they will be the contact point between the legal experts working on your estate plan.
Do not disregard personal compatibility
Of course, personal connection is also important. It helps to have an executor who understands your family situation and personality to a degree. No matter how professional an executor is, you will likely not select them if you cannot see eye to eye on fundamental concepts. Thus, when looking for an executor, do not completely disregard personal compatibility or gut feelings.
