Estate Planning Isn’t Just For The Elderly

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What are the traits of a good executor?

On Behalf of | Aug 25, 2022 | Estate Planning, Trusts, Wills, Wills & Trusts

Executors have a lot on their plate when it comes to managing an estate plan. For this reason among others, it is crucial for executors to have select traits that make them more suited for the job.

But what are these traits? What exactly makes a good executor in the first place?

What do executors do?

Forbes discusses the duties associated with executors. Generally speaking, an executor is a central figure in an estate plan. They will handle most of the coordinating with other people in the estate, such as any financial advisors or attorneys.

They take care of issues related to bills or billing, too. For example, if the decedent has any ongoing but unnecessary bills such as those to magazine subscriptions, the executor will cancel them. They continue to make payments on pertinent bills, such as electric bills. They also use estate assets to pay off any remaining debt.

What should they bring to the table?

The executor will see the estate through the entire probate process. This is often long and can also pose many difficulties. It could last up to years, and the executor must have a presence through the entire thing, meaning a person should choose an executor based on their schedule and plans for the future.

On top of that, executors should have several traits which can help carry them through this difficult process. This includes time management, organizational skills, leadership capabilities, high levels of responsibility and honoring deadlines. It also includes the emotional fortitude and social aptitude to navigate through the difficult period of loss while also managing many technical aspects of the estate.