After you have your estate plan ready to go, you will need to make an important decision about who will manage and oversee that plan when you die. This person is the executor of your estate. He or she holds a very important position in that his or her job is to make sure everyone follows your wishes. In probate, the executor will carry out specific duties to help close your estate. Making the choice of an executor is something you should do carefully.
Forbes explains that you need to think about the duties your executor will have and choose a person who can best carry them out. You need someone who is responsible and can handle fiduciary duties. He or she needs to be someone who can work well with others because being an executor may require working with accountants, lawyers, judges and your heirs. So, you want this person to not be someone your heirs may have an issue with.
Your choice in an executor also needs to be someone who will have the time to handle your estate. It can take a while to complete all the duties. On average, an executor will need to continue working with the estate for about two years.
He or she should understand your estate plan. It helps if the person is familiar with your family dynamics as well. You want someone who will be able to carry out your wishes with the least resistance and difficulty possible. Ideally, the executor you choose will make the probate process and the finalizing of your estate move more smoothly.