One of the most important estate planning decisions you will make is choosing an estate executor. This person will make sure that your estate and all its assets get distributed according to your wishes. They will also help settle any disputes that may arise during the process. It’s a big responsibility, so it’s important to choose one wisely. Let’s see what you need to consider to get the right executor.
Financial health
Your executor should have a good handle on their own financial health. Among other things, their credit history should be clean. If you choose an estate executor that is not in the best financial shape, it can cause problems for your estate, especially if you have a high net worth. This means added stress and anxiety to your family members later on.
Knowledge of estate planning
Besides being financially stable, your estate executor should also know about estate planning. They need to know about estate taxes, estate distributions and other important estate planning aspects. If your executor has a good grasp of estate planning concepts and processes, they will be more likely to do a good job.
Availability
The estate executor you choose should also be around when they’re needed. You don’t want someone who will disappear in two years, leaving behind an abandoned estate that nobody is aware of. Getting too close to retirement age? Make sure you find someone who can be around for a while.
Emotional intelligence
An estate executor should also have emotional intelligence. This means that they can handle all sorts of negative emotions from family members during a difficult time, including guilt, fear, sadness and anger. A good estate executor should be able to empathize with your loved ones and communicate well.
When choosing an estate executor for your estate, it’s important to consider their financial health, emotional intelligence, knowledge of estate planning as well as availability.