When choosing an executor for your estate, you may want to default to someone you know well. After all, your relationship with your executor is undeniably important.
However, is it the most important part when it comes to picking an executor? Surprisingly, that is not necessarily the case.
Acting as communication hub
Forbes looks into the duties of an executor. Executors have many tasks that they must accomplish, many responsibilities to uphold and many people depending on them. To that end, they must have a certain skill set to get them through this task.
First, they need to have strong communication skills and people skills in general. After all, they will be the center of communication for anyone involved in your estate plan.
They will communicate with your attorney and financial advisors, along with any other key figure. They will talk with debtors and anyone else that you owe assets to. They will also handle your beneficiaries regarding asset division in accordance with your will.
Sticking through probate
On top of that, they also have to manage your assets overall through the process of probate. This means paying off bills for necessary services, cutting off any service that is no longer necessary, and ensuring that all assets get to their proper destination.
While they will have some help along the way, especially regarding the law and other matters of finance or legality, they still need to have a strong sense of self-motivation, self-governance, time management and prioritization.
Unfortunately, not every family member or loved one will have the skills necessary to meet these goals. You may thus want to consider another option.
