Planning for the future also requires planning for the end of life.
Even as one of the few Americans with some kind of estate planning documentation, you still want to ensure that you choose the right executor to ensure your wishes get met. Before deciding on a person, the following tips may help you name the best person for the role.
1. Choose someone organized
Although an executor does not have a professional job as a financial planner, you still want to choose someone who has the right soft skills. An executor faces a number of challenges. Choosing a person who focuses on the details, stays organized and communicates effectively may provide you with the peace of mind you deserve.
2. Pick someone with good financial standing
While you may know someone who has an ideal personality and organizational skills, that does not always equate to a person who makes sound financial decisions. Since the person you name controls your estate, you want to ensure that the person who chose does not have any liens or an excessive number of creditors.
3. Consider someone with peace-making skills
Whether you select a family member, friend or reliable third party, your named executor still has to deal with your family. Although you hope no friction happens after your death, grief has a way of making people act differently. An executor who has the ability to make peace instead of trouble will likely have the ability to handle the stresses of the role.
Although you may want to choose an executor based on your relationship with the person, doing some due diligence may lead you to a better option.