You have to choose someone to be your estate administrator as you make your estate plan. The plan only offers guidance and expresses your wishes – who should get which assets and things of this nature. But you still need an estate executor or estate administrator to carry out this plan for you.
So, how do you choose the right person? The key is to consider the tasks that they will need to complete and the qualities they need to have to be able to do so.
Financial understanding
First and foremost, although they don’t need a degree in finance or anything like that, they should have a basic financial understanding. They’re going to have to file tax returns, access investment portfolios, close down bank accounts and much more. Choose someone who will be able to handle these tasks.
Proximity to your family
This is less important than it used to be, but it can still be helpful to choose an estate administrator who is nearby. They are the one who inventories assets and distributes them to the beneficiaries, so it can significantly delay the process if they can’t do so quickly. Do not choose someone whose lifestyle or job may keep them from being able to attend to these duties.
Communication skills
Finally, this person just needs to have good communication skills as they talk to creditors, contact financial institutions, talk to heirs and beneficiaries, and much more. There may be questions about the estate plan that need to be answered or beneficiaries may have concerns that need to be addressed.
Once you’ve selected the correct estate administrator, consider all of the necessary legal steps to add them to your estate plan.