When it comes to preparing for the future, creating a will is a responsible step. A serious decision in this process is choosing someone who will carry out your wishes after you are gone.
Selecting the right person to be your executor requires careful consideration of their qualities and capabilities.
Responsible
Having a will may become more important to you as time goes on. In fact, only about 33% of Americans currently have a will or estate plan.
Whoever you pick as your executor during this process should be responsible and reliable. This means they should be someone who takes their commitments seriously so that you trust them.
Detail-oriented
An eye for detail is a valuable trait for an executor. This person will need to review legal documents, financial records and other important paperwork. Small mistakes could lead to complications, so it is essential to select someone who can go through detailed information and spot any errors.
Positive and attentive
In the role of an executor, unexpected problems may arise. It is important to choose someone who is able to think critically and come up with practical solutions. Whether it is addressing legal challenges or resolving conflicts among beneficiaries, a problem-solving mindset is crucial.
Financially skilled
While not a financial advisor, your executor should have a basic understanding of financial matters. They will be responsible for managing your estate’s finances, paying debts and distributing assets. An executor with a reasonable level of financial literacy is a good choice.
The right executor has qualities such as responsibility, clear communication and a basic understanding of financial matters. Selecting an executor is a decision that you should take seriously.