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3 characteristics of a good estate executor

On Behalf of | Jun 18, 2024 | Estate Planning |

One part of estate planning that’s often overlooked is determining who to name as the executor of the estate. This is the person who is going to make sure that the instructions you provided in your estate plan are followed.

There are several responsibilities besides just following your instructions. They also have to find beneficiaries, locate assets and pay creditors in accordance with applicable laws. 

1: Financially savvy

You need to choose someone who can make good financial decisions. The executor will have to ensure that your estate taxes are paid and that assets are taken care of. Because of this, naming someone who’s financially stable is likely the best choice for your beneficiaries. 

2: Not self-serving

All the decisions the estate executor makes must be based on what’s best for the estate and your beneficiaries. They can’t make any decisions based on what’s easier for them or what will benefit them. Everything must be based on your plan and what needs to be done for the estate. 

3: Logical thinking

Decisions that are made for the estate must be based on logic and not emotions. Being able to follow laws is critical, but the person must also be able to have compassion when dealing with your beneficiaries. One of the most important responsibilities is to ensure they get the estate handled quickly and efficiently so the beneficiaries aren’t left in limbo.

Comprehensive estate planning is critical for all adults. Working with someone who can assist with this process may help to ensure you don’t miss anything so you can care for your loved ones as much as possible after your death.