As a resident of New York, you spend your lifetime accruing assets for your estate. You want your beneficiaries to enjoy this after your death. How do you ensure the transfer is a seamless one?
You must pick a good executor. Your executor will handle all matters of your estate after your death. As such, you should spend time and care selecting yours.
Professional skills executors should have
Forbes discusses ways to choose an estate executor. First, they acknowledge that everyone is looking for different things out of their executor. What works perfectly for one person might not act as your perfect fit, and that is okay. You need to go into your estate planning knowing what you want out of it in the end. Having a legal expert at your side can help.
Still, there are some things that benefit everyone when it comes to an executor. The first is their professional skills. Being an estate executor is no easy task. Your executor will act as the primary line of communication between your attorney and beneficiaries. They handle any issues that crop up between beneficiaries, field questions and handle all of the paperwork behind your estate.
Thus, it helps if they have strong organizational and communication skills. Having a previous role in a leadership position helps too, since they must self-manage, stay on task and have strong time management. They should also have experience working with financial professionals. After all, they must do this for certain areas of estate paperwork.
An executor who is on the same page
You may also want to look for someone who understands your family situation and life circumstances. Someone with similar world views and morals helps, too. This ensures that they can make decisions you would make, even without your direct input. Together, this ensures that your estate runs as you wish it to even after your death.