Will is the one thing many of us don’t like to think about, but we need to have one in place. To die without a will is to die intestate.
But what does intestate mean? Put simply, an intestate is someone who dies without a will in place. In such cases, the handover of the estate is decided by a court of law.
A will executor is a person chosen to carry out the instructions in the will. This involves locating, documenting, and redistributing property among the beneficiaries mentioned in the will. However, it’s important to get a trustworthy and capable person (or office) to perform this duty.
The job of an executor is a responsible one and fraught with emotions. Owing to the importance of the role, you need to choose someone who is trustworthy and capable of carrying out your wishes in a fair, even-handed manner.
You May Read: Easy Remote Jobs that Bring Good Income
So, here are some qualities to consider when choosing an executor for your will:
The primary quality you should look for in an executor is trustworthiness. You don’t want your estate falling into dishonest hands, or to someone who can use it for his or her own gain. That means you should avoid choosing someone who has a history of acting selfishly or dishonestly.
Steady Money Management
The executor will be responsible for managing your estate’s assets until everything is distributed under the wishes laid out explicitly in the will. If those assets include real estate or other investments that can bring in income, that income may need to be managed as well.
So, when you make a Will, your executor should have the skills necessary to ensure the estate’s assets are managed well until they’re passed on to heirs and beneficiaries.
You May Read: Top Accounts Payable Metrics to Optimize AP Efficiency
The executor must keep track of a lot of different things, including financial records and legal documents. If he or she isn’t organized, this job will not go well. The executor needs to keep track of all the paperwork involved with the estate, so it can be moved through probate without any issues or delays.
Ability to Follow Instructions
While many people can be vague about their intentions for the estate they leave behind, there can be no room for misunderstanding in the instructions that are clearly laid out in a will. It’s important that the executor sticks to and follows the instructions as closely as possible and does not deviate from them in any way whatsoever.
Executors are often required to do many different things during the probate process, including paying taxes, handling debts, and transferring property. If your chosen executor isn’t comfortable with these types of tasks, or simply doesn’t have the time, you may end up hiring someone else to take care of these tasks.
If you’re choosing between two people who seem equally trustworthy, you might want to consider the one who has more experience handling financial matters.
People believe that their loved ones would never lie or cheat them, but it can happen. If you’re concerned about this possibility, you can make sure your will includes a no-contest clause. This clause provides a penalty if someone challenges the will in court and loses. That way, anyone who wants to contest your will knows that it’s risky for him or her to try.
The probate process can be challenging for families where there are complicated relationships or conflicts over money and property. If you think your family dynamics could cause problems during probate, look for an objective executor who won’t be swayed by others’ opinions.
This quality is most important when there are multiple executors because it can help maintain healthy relationships with beneficiaries. If you’re working with siblings that may be easier than if you’re working with your own children or other relatives. And if you don’t want one person or a small group of people making all the decisions, you can name multiple executors who will share the responsibilities.
Wills can be complicated affairs that require the attention of a detail-oriented individual. The executor has many duties that require him to pay close attention to detail and follow-through. The executor must find copies of the will and other important legal documents, such as insurance policies or power of attorney paperwork.
He must obtain an inventory of the deceased’s assets and liabilities, then distribute all property and possessions according to the wishes outlined in the will. He must also file income tax returns for any year in which the deceased earned income but did not file taxes prior to his passing.
You will want to choose a will executor who is trustworthy and experienced. You will want an executor who is someone you can trust to carry out your wishes exactly the way you want them to be carried out.
Trustworthy and experienced will executors are not always easy to find, but after some research and investigation, you should be able to find someone who possesses the qualities mentioned above.