When creating your estate plan, selecting an executor is one of the most important parts of the process. After all, this person will oversee your estate after your death.
Of course, many people automatically lean toward a family member when choosing their executor. But is this always the best course of action? Simply put, no.
Executors as professionals
CNBC discusses finding the right fit for the executor of an estate. An executor holds a lot of responsibility, so there are several qualifications they must have in order to count as a truly good pick.
First, executors will have to balance their own grief over your loss with the ability to interact with other grieving people. They must have what it takes to carry on the process of managing the estate too since they will have deadlines they must abide by no matter what their personal feelings are.
Speaking of, they need to have a level of organizational skill and punctuality. As mentioned, they will have to stick to numerous legal deadlines, organize paperwork, follow up with attorneys and financial advisors, and more. It is a lot to juggle. Having leadership skills also helps, as they must often take initiative to get things done.
Trust on a personal level
Of course, you will also want someone who you can trust on a personal level. Your executor should understand you well and hold similar world views and beliefs. This way, they can make decisions in your stead that you would have likely made on your own.
The best executor will have a blend of these skills, and a family member may not always fit the bill, which is important to keep in mind.