When organizing an estate, there are a host of matters you must address before signing the final papers. If you are in the process of creating a last will and testament, it is important to include all property and assets of your estate, then determine what beneficiaries you would like to receive your property once you pass.
Yet, even more important may be choosing an executor, or estate administrator. This person can be a close friend or family member that you trust to take care of matters after your death. It is critical that you select the right person for this more important job.
What is the role of an executor?
The executor of the estate is responsible for overseeing the case through the probate process, according to Bankrate. Once you pass, the executor obtains all final documents, including the death certificate, last will and testament and trust. The executor must then locate and accumulate all property included in the estate and have it valued. Any remaining taxes or expenses owed by your estate are paid out of the estate’s value. He or she must then keep the estate property safe and secure until it is distributed to the beneficiaries named in the last will and testament.
What qualities should an executor have?
Due to the many important responsibilities of an executor, it is critical that he or she has the following characteristics:
- Well organized
- Detail oriented
- Punctual and able to meet tight deadlines
The executor must also have the time available to spend on such matters. It is critical that you ask someone if they are able to take on the workload before you name them as estate executor in your will.