When creating an estate plan, one important task is to choose an estate executor or an estate administrator. This is the person who will make sure that your estate plan is actually followed and carry out important tasks like paying debts, inventorying assets and distributing assets to your beneficiaries.
As such, it’s important to carefully consider who you choose. Legally speaking, they must be a U.S. resident and a legal adult. But beyond that, what are some things you should look for?
Someone who can handle a complex process
First, remember that it’s a complex process and look for someone who can handle it. They may need to deal with a significant amount of paperwork, talk to creditors, access bank accounts and manage other financial matters. They may need to communicate with hospitals, insurance companies and even the government to pay off final taxes. You need someone who is willing to take on this responsibility and has the intellectual capacity to do so.
Someone that you trust
Next, this person will be handling your estate, and their actions can dramatically impact your family moving forward. You need someone you can fully trust, and it’s best to have a conversation with them in advance so they know what types of decisions you want them to make.
Someone who is willing
Finally, you need someone who is willing to take on this role. You may think that a family member is capable because they have a background as an accountant or a lawyer, for instance, but they may still feel that being your estate executor would be too emotionally difficult or overwhelming. Once again, this is why it’s good to talk to them in advance.
After you choose the estate executor, be sure you know exactly what steps to take to set up your estate plan.
