Selecting an executor is one of the most important decisions that you will make as part of your estate plan. Choosing the right executor can reduce the chances that something goes wrong in probate or there is a lawsuit against the estate. The executor is a manager and must have the right skills.
Choose Someone Who Is Up to the Task
Therefore, the foremost consideration is whether the person has the ability to handle financial matters. They should also be able to handle responsibility in an organized and level-headed manner. The executor must communicate with the beneficiaries because a lack of transparency could cause disputes.
Administering an estate can be a complex and challenging undertaking. Therefore, the executor should have a level of patience. It also helps if they have diplomatic skills to keep the peace between the family members during a difficult time.
Since probate is largely done through filings, the executor does not automatically need to be in the same location. It is more important to pick the right person, as opposed to choosing someone because they are close. The wrong executor can make a difficult process even worse, so this is a decision that you need to think through carefully.
Before choosing an executor, compile a list of possible candidates. Go through each one and make your own assessment of whether they could handle the role. Then, have a discussion with them to see if this is something that they are comfortable doing. This is not a decision that should be rushed or neglected.
Speak with a Lincolnshire and Lake County Estate Planning Attorney
An estate planning attorney could talk the situation through with you and give you their best advice. Call the law firm of Charles T. Newland & Associates at 847.797.9300 or contact us online to discuss all of your estate planning needs.