Selecting an executor is an important part of the estate planning process. They’re the ones who will manage the closing, which includes accounting for each of the assets and distributing them among the beneficiaries. However, with the factors you have to consider, finding the right person for the job may prove difficult. Take a closer look at the following to determine where to start.
4 Factors to Consider When Choosing an Executor for Your Estate
Being the executor of an estate requires organization and commitment. This means looking for a person who is good at managing their time and focusing on the task at hand. Those who tend to procrastinate or overlook important details could slow down the process and keep your loved ones from receiving their inheritance.
2. Financially Savvy
Handling the different accounts and paying any outstanding debts will require a basic understanding of the financial process. This includes knowing how to navigate the different platforms and performing the calculations to determine the best form of distribution. If you have a prospect, monitor how they seem to be doing financially before approaching them with the offer.
When selecting an executor, it’s important to find someone outside the close circle of family and friends. If they’re receiving a portion of the inheritance, then the rest of the group might consider them distrustful and think they're going to take more than their fair share. An unbiased third party, on the other hand, doesn’t have any invested interest and will have a better chance at closing the estate with minimal issues.
While being close to the property could simplify the transactions, it’s not a requirement. Today’s technology makes it easy for out-of-town executors to meet with bankers over the phone or through video call. This will ensure that the proper documents are in place and everything is set to distribute by the time they begin the reading of the will.
If you’re at the start of the estate planning process, reach out to Steven P. Ciardiello Esq., PC in Hamden, CT. He has more than 30 years of experience and commits to upholding the rights of his clients. As an attorney, he’s well-versed in the intricacies of wills and trusts and offers a personal approach to every case. Call (203) 248-8000 to schedule a consultation or visit his website for additional information on the estate planning process.