Life, even with its ups and downs, is worth the ride. Unfortunately, it’s one that doesn’t last forever. That’s often why people set up estate plans, so they can pass what they’ve earned down to their loved ones.
Picking an executor is a crucial part of estate planning. Executors manage a person’s estate once the person passes away. They’re primarily in charge of getting the deceased individual’s assets to the appropriate loved ones and paying out debts from the estate. Because executors hold a fiduciary duty, people need to take time to find someone who can get the job done.
What makes for a reliable executor?
Because an executor’s duties are often demanding, one needs to make sure they have the right characteristics to carry out their wishes. Some of those include:
- Having common sense: While the role is no walk in the park, it doesn’t take a genius to do it. If an executor is level-headed and can make logical decisions, they can carry out their duties well. If one has a trust as part of their estate plan, they will want to make sure the executor manages it using a conservative approach.
- Being fiscally responsible: As estates can carry substantial value, people will want someone with solid money management skills. Everyone hits a rough financial patch at some point in their life. But if they’ve proven themselves as fiscally responsible, they likely have what it takes to oversee an estate.
- Having the ability to balance obligations: Life can be demanding. Everyone has a different threshold of what they can handle. That’s why balance can be an important quality for executors to have. Even if they meet all the other traits, if they can’t prioritize the workload of an executor, one may want to continue their search.
- Being honest: Honesty is almost always the best policy. That’s especially true when choosing an executor. People want to make sure the person they pick will act in their best interests, even when they’ve passed away. They don’t want someone who will behave selfishly and put their beneficiaries in a bad position.
People can always adjust their plans
The elements involved in estate planning can feel daunting, as people’s decisions can affect them and their families. That’s especially true when choosing an executor. Fortunately, people do have the option to make adjustments as needed. A knowledgeable estate planning attorney in Ohio can help guide clients through these challenging decisions and work to get what’s best for them.