People who are creating an estate have to think about several things. While they may be focused on who gets what assets and how to make that happen, they also need to think about how their estate will be handled when they pass away.
You must name an estate executor who will take care of everything from finding beneficiaries to distributing assets in accordance with your wishes and instructions. There are several qualities that you should look for when you’re trying to determine who will hold this position.
Reliable
The estate executor must be reliable because they’re responsible for making sure the assets are cared for until they’re distributed. This includes paying the estate’s bills until the estate is closed. They also have to take care of income taxes for the estate. Having good financial sense is a good attribute for someone who’s going to executor an estate.
Trustworthy
You need someone who is trustworthy because the estate executor must always act in the best interests of the estate and never do what benefits their own interests. The estate executor must follow the instructions set in the estate plan, and they must follow all applicable laws.
Remember, naming the estate executor is only one part of creating your estate plan. You also need to write out the will and set powers of attorney designations. You may also have to set up trusts to facilitate the distribution of assets. Everything in your estate plan should reflect your wishes and make it easier for your loved ones to handle your affairs after you pass away.