An executor or personal representative is the term used for the person who will take charge of distributing your estate on your death. When making your estate plan, you should think long and hard about who could fulfill this role.
Choosing an executor can be challenging
It can be hard to know who to name as your personal representative. However, taking a look at how someone operates in everyday life can give you some clues as to their suitability for the job. Here are some qualities to look for:
- Well organized: You need the type of person who likes filing systems and different colored post-it-notes. Not one who believes messiness is a sign of creativity.
- Willing to ask for help: Look for someone who is not afraid to stop and ask for directions when lost. Making errors because you are too proud to ask for help could be costly when executing an estate.
- Reliable: Go for the person who always turns up on time. Avoid those who send you a message five minutes before you are due to meet, saying that something has come up. Tardiness could lead to delays in the beneficiaries receiving the assets you leave them.
- Willing: Choose someone who means it when they say they are happy to help. If someone grudgingly agrees whenever you ask a favor, executing your estate may be too much to ask.
- Honest: Select someone who pays you back the money you lend them on time. Not the one who keeps forgetting to return the $20 bill you lent them for a taxi last year.
An estate planning attorney can help you choose an appropriate executor for your estate and register them in the correct legal manner. Take time to find the right person, and consider naming a backup option in case things do not work out.