The executor of an estate holds a large amount of power over the entire estate itself and handles many of the tasks after the decedent’s passing.
It is important to look at the sort of traits and skills that a potential executor has. Does it match up to the tasks they will face?
The duties of an executor
Executor discusses the executor’s duties and what they will need to accomplish. They act as the central point of management for everyone else involved in the estate plan, essentially. This includes lawyers, financial advisors and more.
They also manage the estate’s finances, though they often do so with the help of said aforementioned individuals. They will close out anything billable that is no longer needed, continue paying bills on utilities and other necessary things, repay any outstanding debts and handle the decedent’s final taxes.
They will see through the entire probate process, which can sometimes last years. They also handle dividing out the assets and passing them to the beneficiaries after the probate process, which often requires a delicate grasp on the situation and a knowledge of how to interact with others while they go through difficult emotional periods.
Skills they need
Thus, an executor needs several skills. They should have strong capabilities in leadership and self-management, as well as organizational and time management skills. On top of that, they need the finesse and ability to communicate concisely and openly with other people, from professionals to grieving relatives.
They also need time, because probate can take quite a while. If a potential executor has all of these things, they could make a good choice.