As the years pass, you may look at what assets you own and what items you have in your possession and think seriously about the importance of handing them down to your loved ones in the future.
Going through the estate planning process can seem confusing or overwhelming at times. One of the most important parts of this process is picking out someone who will take care of your estate after you die.
Able to resolve conflict
According to Kiplinger, the tension in your family may increase after your death when they need to go through probate for your estate. Dealing with heirlooms and inherited sums of money can leave them feeling more stressed than usual.
An important and often overlooked part of being an executor is knowing how to handle social situations and potential fights between loved ones.
Able to handle money
Since your executor is in charge of paying off your debts and handling your property, you should consider how efficiently this person uses their money. They can use some of your estate funds to pay for fees, which means that them knowing how to spend money wisely is important.
They should also have some financial experience, such as a solid credit history. The more stable they are financially, the more likely they can obtain a type of estate insurance they may need.
Able to discuss difficult topics politely
An executor will have to communicate openly, honestly, and consistently with the courts, beneficiaries, creditors, and other organizations such as accounting firms, insurance companies, financial organizations, and other governmental bodies and private companies.
Picking someone who is willing to put in the time and effort needed to take care of your estate will help you feel at ease with this planning process.