No one likes to think about their own death, but planning for the dispersal of your assets after death is important when it comes to preserving your financial legacy. One important aspect of the estate planning process that should be given some significant thought is the selection of an executor.
An executor is an individual that will be charged with the task of dispersing your assets after your passing, so it's important that you select an executor you can trust. Here are three qualities to look for in a reliable executor.
1. Communication Skills
Since your executor will serve as your mouthpiece after you pass away, it's essential that the individual you select as your executor possesses stellar communication skills. You want someone with the ability to act as a liaison between financial institutions, legal representatives, and your beneficiaries.
In addition to being able to communicate clearly and effectively, it's important that your executor has the ability to resolve conflicts that may arise during the dispersal of your assets.
2. Proximity
As you try to determine on whom you should bestow the responsibility of dispersing your assets after you pass away, you should take proximity into consideration.
It can take a significant amount of time to handle the dispersal of an estate properly, and finding an executor who lives near you will eliminate the need for the individual you appoint to travel a great distance in order to fulfill his or her obligations. By selecting an executor based on proximity, you can ensure that handling your estate doesn't become too much of a burden on your appointed executor.
3. Financial and Organizational Knowledge
Being a good executor takes a lot of knowledge and skill. Your executor must be able to inventory your assets in an organized fashion and have the financial knowledge required to successfully track any payments made from your estate to tax collectors, creditors, or legal representatives.
If you want to ensure that your estate is distributed properly, it's essential that you select an executor with organizational and financial skills to handle your affairs after you pass away.
Selecting the right executor can dramatically impact how smoothly your estate dispersal is handled after your passing. As you work through the estate planning process, be sure that you are taking communication, financial, and organization skill into consideration, as well as each potential executor's proximity to your location. An experienced attorney can help you narrow your options and select an executor with the right characteristics. Contact a company like Lynn Jackson Shultz & Lebrun PC for more information.
