Matthew Brannelly - Choosing The Right Executor
Most people think that serving as an executor for an estate is easy. After all, all the specific requests are spelled out in the will — shouldn’t it be as simple as coloring by number.
Not quite. Administering an estate takes business acumen, ability to keep a calm mind under pressure, and above all, time.
There is also the weight of the responsibility — the executor has the same rights as the deceased would, if he or she were still alive. How do you choose the right executor to make sure the right people receive the inheritance at the right time? Here are 3 things to consider.
Proper Skill Set When choosing your executor, you want to pick someone who is qualified to handle the role. This is a combination of both hard, logical skills, and “soft� interpersonal skills. This person will be making decisions with your money, just as you would if you were alive.
They will be carrying out your final wishes when it comes to the distribution of money and assets. They will be taking care of your final year’s taxes and debts. Make sure you select someone with business acumen, great organizational skills, and good judgment.
Do they have the time? While you always want to choose the most skilled person, this helps little if you select someone who is simply too busy to get the job done. You need to pick the right person, someone who cares to do a good job, and who will have time in their schedule to complete tasks as they need to be done in the most thorough, thoughtful way possible.
Ability to perform under Pressure This is a critical factor that many ignore. Being a will executor can put an individual in stressful situations. Some heirs may be disappointed by the will, some may get confrontational, and there will be emotions to deal with no matter how well the will is received. You want someone who has the tact and the ability to make sound decisions, even when they are under pressure.
In Summary Many people choose a family member or a close friend to administer their estate. In some situations, that is an appropriate decision. However, the first consideration must always be given to whether they are the most competent, not the closest, candidate. Because of how important it is to get this right, we now have our own specialist in Estate Planning and Business Succession. Call the office today to arrange a meeting — before it’s too late.
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