Executors often have the hardest job when it comes to an estate plan. This is why it is so crucial for you to pick one who actually has what it takes to accomplish the necessary duties.
But what are those duties, exactly? Just what does an executor do?
What tasks do they manage?
Forbes takes a look at the role of an executor. They essentially act as the central and leading figure of your estate plan. All other members, like your financial advisor or any attorneys, will come into contact with them at some point.
In a short list of tasks, they will:
- Manage your funeral
- Pay off your debts and final taxes
- Divide your assets among your beneficiaries
- Ensure all final bills get paid and all superfluous bills and services get canceled
- Take care of your properties until they get divided
Needless to say, this is a lot of responsibility. On top of that, the process of asset division and probate can last for years, meaning this is also something that will take up a big portion of their time.
What skills do they need?
Thus, an executor needs to have time to spare and dedicate to managing your estate plan properly, first and foremost. Beyond that, they also need skills like organizational, self-management, time management, communication and more.
This is not a position that just anyone can take and succeed in. It is important for the person you choose to not only have what it takes but also understand fully what the duties and responsibilities entail before taking you up on it.