Whether you are starting a family or getting ready to retire from your career, financial planners emphasize the importance of planning your estate as soon as possible. A vital component of your estate plan is the last will and testament, which dictates who you would like to have your property once you pass.
One of the most important parts of establishing an estate plan is choosing an estate administrator or executor to the estate. It is critical to understand the roles and responsibilities of the estate administrator in order to choose the best person for the job.
Roles of an estate executor
The executor of the estate is responsible for overseeing the settlement of the estate. Administrators are given essential documents, such as the death certificate, last will and testament and life insurance policies. They then locate the property and assets named in the will and protect it if the estate should go into probate. Any outstanding debts are paid out of the estate’s value. The remaining assets and property and then distributed to the heirs named in the last will and testament.
Estate executor traits
Estate administrators have a lot on their plate when it comes to settling matters and ensuring everything is handled properly. Not only is the process time consuming, the administrator should have certain skills to ensure everything goes smoothly. These traits include the following:
- Responsible and well-organized
- Has the time available
- Meets tight deadlines
- Problem solver
In addition, experience with financial matters is a plus but not necessary. Before naming the administrator in your will, be sure to ask your candidate to ensure they are up for the job.