Organizing your estate may seem like a daunting task. Not only are there several arrangements to make when arranging your affairs, but you must make important decisions regarding your property and assets.
One of the most important decisions you can make involves appointing an estate executor or administrator. This person acts as a critical liaison between finalizing your estate and distributing your property and assets to the beneficiaries you have chosen. Appointing the right person ensures everything will be managed seamlessly once you pass.
What does an estate executor do?
Once you pass, the executor will gather all important documents, including last will and testament, insurance policies, death certificate and trust documents, according to Bankrate. From there, they will gather and account for all property and assets in your estate and have it valued. Any outstanding taxes or debts you owe will be paid out of this amount.
The executor will manage the estate through probate, if necessary, and ensure beneficiaries receive the property and assets given to them in the last will and testament.
What traits should an executor have?
A good executor should have some essential characteristics, which include the following:
- Ability to meet deadlines
- Ability to organize documents
- Exceptional communications skills
- Time available
- Knowledge of probate the legal process
- Trustworthy and has your best interests at heart
Before you name an executor, it is best to check with your executor prospect to make sure they have the time to devote to this important role. Depending on the details of your case, it may take several years to finalize the estate.