Estate planners may have many questions on their minds when they are setting up their estate and selecting an executor for their estate. It is helpful for them to have answers to those questions and to know how to go about selecting an executor for their estate.
Questions and answers for how to select an executor
Knowing what to consider and what to take into account when selecting an executor can be useful information for estate planners to have. The estate planner is responsible for managing every aspect of the estate. They will be responsible for probate paperwork; locating and safeguarding assets; obtaining appraisals for assets included in the estate; paying any debts and expenses of the estate; hiring attorneys, accountants or other professionals to assist with management of the estate; and distributing the assets of the estate according to the will. They will also likely have to interact with grieving family members and others. The period of managing the estate can also last for a long period of time.
A certain skill set can be helpful when serving as an executor. Being responsible and detail-oriented is important in the role. Financial literacy is also beneficial. An executor that is younger than the estate planner and is likely to survive the estate planner is also a useful consideration. The option to select a professional executor is another one for the estate planner to consider. It is possible to name co-executors but this can create some challenges.
When selecting an executor, the estate planner should also take into account any requirements where they are at concerning who can serve as an executor. The estate planning process can help guide the estate planner to ensure their selections and decisions for their estate plan meet their needs, are best for them and are legally valid as well.