Having an executor can bring you peace of mind knowing that someone understands your desires for the distribution of your estate. Relying on someone you trust to oversee the closure of your estate may also reduce confusion and disagreements between your surviving family members.
Selecting someone to fill this role can take time and thoughtful consideration. When you have clearly defined expectations, you may have an easier time identifying a good fit for your estate.
Flexibility and financial stability
Settling your estate could take several months depending on the amount of preparation you have done. According to CNBC, an average of 16 months is what it takes to settle an estate. This means the person you select should have some scheduling flexibility to have adequate time to tend to executor duties. Consider people who have established careers and the option of taking time away from the office.
People with proven financial stability are also good options because they may have the skills to efficiently and responsibly handle your financial affairs. Other valuable skills for your executor to have include organization and time management.
Integrity and empathy
Given the sensitivity of the information your executor can access, you will want to rely on someone you trust. People lacking integrity may jeopardize your assets, commit fraudulent acts and deceive your surviving family members. Contrarily, a person of integrity will honor your wishes, comply with your expectations and honorably handle your affairs.
Empathy is another valuable trait for your executor to possess. Your surviving family members may deal closely with your executor. You will want someone who demonstrates compassion, respect and honor during interactions with your family. With careful selection, you can feel confident about who you choose to act on your behalf in closing your estate.