Six Things to Consider Before Asking Someone to Be the Executor of Your Estate

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As a professional wealth manager and financial advisor for over three decades, I’ve yet to encounter an Executor who had a completely smooth experience without challenges. Finding someone willing to take on this role again after their first experience is rare. Before asking anyone to be the Executor of your estate, consider these six important factors:

Estate Planning1. Do They Have the Most Important Skills of All—Patience and Understanding?

Being an Executor often requires the skills of a Human Resources executive due to the various personalities involved. The death of a loved one is an emotional event, and the Executor must handle interactions with empathy and understanding. If the person you choose lacks these qualities, their interactions with the heirs might become harsh and counterproductive.

2. Are They Process-Oriented?

While being friendly is beneficial, settling an estate involves following a series of detailed steps. The Executor should be someone who doesn’t get easily flustered by multitasking. They need to be methodical, handling tasks such as ordering death certificates, informing heirs, and completing another 20 to 50 steps required to settle the estate.

3. Are They Financially or Legally Savvy?

Money and legal matters are at the core of an Executor’s responsibilities. While they don’t need to be experts, they should be comfortable discussing financial and legal issues and interacting with professionals in these fields.

Protection4. Will They Accept the Role as an Honor, a Sense of Duty, or for Self-Serving Reasons?

Choosing someone who views the role as an honor or duty can be beneficial, but a professional who has experience and earns a living from being an Executor might be the best choice. Such a professional understands the value of their time and can work efficiently, with their costs clearly deducted from the estate. This can reduce conflicts among heirs and ensure the process runs smoothly.

5. Do They Work Well with Others Collaboratively?

Being an Executor is not a one-person job. Larger estates or those with complexities require collaboration with various people. Therefore, it’s essential to choose someone who excels at working well with others.

Communication6. How Old Are They and How Much Life Experience Do They Have?

Some problems require situational solutions that only come from life experience. An Executor with sufficient life experience will likely handle unexpected issues more effectively than someone younger or less experienced. By considering these factors, you can select an Executor who is well-equipped to manage your estate effectively, minimizing stress and potential conflicts for everyone involved.

 

 

Ian Goldey, the author of this article, brings over three decades of experience as a private wealth manager, assisting families with their financial planning. He has applied this extensive knowledge, along with his partners to create WhenIDie.com, a digital platform that simplifies the entire process of death planning and more. Try it free for 30- days. Apply this code 2024BLG15 for a 15% discount!

 

Legal Disclaimer

The information provided in this blog is for general informational purposes only and is not intended to be tax, legal, or financial advice. Readers should not act upon this information without seeking professional counsel tailored to their individual circumstances. While we strive to ensure the accuracy and reliability of the information presented, we make no representations or warranties regarding its completeness, accuracy, or current applicability. The use of this blog does not create an attorney-client or accountant-client relationship. For personalized advice, please consult a licensed attorney, tax advisor, or financial professional.

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