After spending so many years of your life building up your estate, you want to protect it for your beneficiaries. You can accomplish this by having a solid estate plan.
But you must build your estate plan up from a reliable and stable foundation. To do so, you need to select the best person to serve as your executor.
Have a good rapport with your executor
Forbes looks into the crucial decision of choosing an executor for your estate. This person manages your affairs after your death. They serve as the contact between your beneficiaries, legal team and financial experts. They ensure the division of your estate goes according to your will. They also fulfill other requests.
Many people turn to relatives when choosing their executor. This is a natural reflex, as your executor needs to understand you well. Personal rapport between you and your executor is crucial. You want to make sure that you are on the same page. After all, you must trust that they will make decisions you would feel satisfied with even when you cannot make them.
Remember your executor’s professional duties
Unfortunately, an executor has many other duties, too. They are responsible for all legal matters. Probate can last a year or more, so they must have ample free time to manage your estate, too. It also helps if they have professional strengths and qualities that lean toward leadership. After all, they will essentially manage your entire estate alone, with minimal guidance or assistance.
If a relative fits the bill, then you may want to consider appointing them. But this is not always the case. In such situations, you must look into other options. This is part of why it is important to start your search early.