Estate planning is not reserved for those who are getting ready to retire or making their end of life plans. People should consider creating a last will and testament earlier in life, as they can always go back and revise their choices as life progresses.
The last will and testament includes critical information regarding guardianships, lists of property and assets and names of beneficiaries. Yet, one of the most important details may be the name of the estate executor.
What is the role of an executor?
Otherwise referred to as an estate administrator, the estate executor must oversee the estate once the owner passes. He or she will gather up crucial documents, gather up property and assets included in the estate, find the estate’s worth, pay any outstanding debt owed by the estate and then distribute what is left to the beneficiaries named by the deceased in the will.
How to find the right person
The task of estate executor is somewhat complicated and time consuming. Finding the right person for the job is vital. A successful estate administrator often has the following characteristics:
- Has the time available to work on these matters
- Punctual and able to meet strict deadlines
- Dependable and trustworthy
- Able to problem-solve
Before including a person’s name as executor in a will, it is best to approach that person and ask if they are willing to accept the potentially tedious job. People should keep in mind that once they name an estate administrator, the choice is not set in stone. They can go back and revise the decision at any time.