When it comes time to start working on end-of-life plans, you may feel overwhelmed at first. A lot of moving parts make up an estate, after all. But what you should focus on first and foremost is the stability of your plan. You can do this by building strong foundations.
One of the first foundation points you should focus on involve your executors and administrators. These individuals ensure that all goes according to plan after your death. So how do you start choosing the best person as an executor for your will?
Select an executor who knows you
Huffpost discusses how to select an executor for your will. Many people start by looking at family members. This makes sense on some level, as you want an executor who will vouch for you. You know your trusted family members well. They know you and your life circumstances. They likely also know the nuances of your family, which helps a lot when it comes to estate and will management.
Professional responsibilities of executors
But this familiarity is only part of the package. An executor has a lot of responsibilities. As such, they should have professional skills, too. For example, your executor should have good organizational and time management skills. They should have experience “being their own boss”, as no one will hold higher authority and tell them how to manage your affairs. Everything is in their hands.
It also helps if they have experience working with legal or financial professionals. They may communicate with your legal team or financial experts at points. Finally, they should have strong communication skills. They will deal with your grieving beneficiaries and loved ones, so they should treat them with respect and care. It is hard to find someone who encompasses so many traits. Family members do not always fit the bill. This is why you want to start your search as early as possible.