When selecting an executor for your estate plan, you should keep in mind that they will have numerous responsibilities that they need to fill.
Understanding these responsibilities can help you pick an executor who has the skills necessary to be up to the task.
Managing funeral arrangements and assets
Forbes points out the numerous duties that fall on the shoulders of an executor. These executors act as the managers for an estate plan, meaning they have a lot to take care of.
First, they handle funeral arrangements for you. This means using estate assets to pay for and arrange things like your burial, how your body is handled, and any funeral or celebration of life ceremonies that you may want to be held in your honor.
They will also manage your estate assets. They use the assets to repay any debts you may have upon your death. They will also handle your final tax filing. Usually it is best for them to work with an attorney and financial advisors to ensure that they have all the information they need to file everything in a timely fashion, and file it correctly.
Handing out divisions to beneficiaries
They will have to hand out asset divisions to your beneficiaries after the probate process, too. This means they need the emotional and social skills needed to manage their own grief and appropriately discuss sensitive matters with other grieving people at the same time.
This is a difficult job and not everyone is cut out for it. This is why it is important to select someone that you can not only trust, but has the skills needed to succeed.