When creating an estate plan, it is important to give time and thought to who you want as your executor. After all, this is a critical role in the overall estate.
To make the best selection, it is important to understand what executors need. What skills should they have, and what responsibilities must they fulfill?
Coordination with other teams
As Forbes discusses how executors go about their job, it also paints a clearer picture of what skills they need. You can think of your executor as the manager of your estate plan, and most of the tasks of management will be left in their hands.
For example, they have to coordinate with your legal team and financial team in order to ensure that they file all necessary paperwork by the appropriate deadlines and pay off any remaining debts. They must also manage your final tax form.
Social and emotional skills
On top of that, they need emotional awareness and social skills to navigate difficult situations while dealing with their own grief, as well as the grief of others around them. This is because they have to divide the assets and distribute them after the probate process, meaning they will interact directly with your grieving loved ones.
Managerial skills
Due to the aforementioned duties, executors need to have strong self-management, time management and organizational skills. No one will be around to tell them what to do or when to do it, so they need to be able to get it all done on their own. You should choose an executor who can fulfill these goals while being personally trustworthy.