Estate planning is for everyone, especially those who are retired or close to retirement. One of the most important steps in the estate planning process is the selection of an estate executor. An executor is a person who is responsible for managing the affairs of a deceased individual’s probate estate. If you are considering beginning the estate planning process, it’s important that you choose the correct estate executor. Below are some tips on how to choose an estate executor.
Choose someone you trust
Your estate executor should be someone you trust. After all, this person will have power over the administration of your property. And although it may be tempting to name a family member as your estate executor, this isn’t advisable. Family members, although trustworthy, can have a difficult time remaining objective when administering a relative’s estate, particularly if they stand to inherit assets in the process.
Choose someone with financial or legal experience
Ideally, your estate executor should have financial or legal experience. However, this doesn’t necessarily mean that he or she must be a lawyer or financial professional. Substantial experience in either area will usually suffice. If you decide to choose someone without financial or legal experience, he or she should seek professional guidance in both areas when administering your estate.
Choose someone with enough time to be an estate executor
Administering an estate takes time. Therefore, you should choose someone who can commit a significant amount of time to his or her duties as estate executor. If the person you’re considering has a full-time job, significant family responsibilities, or is a student, you may want to consider someone else.
Choose someone who can resolve conflicts
Property distribution can be a major source of conflict within families and between beneficiaries. Therefore, the estate executor you choose should be capable of addressing and resolving conflicts. However, this doesn’t mean that your estate executor must be a professional mediator or arbitrator. He or she must simply be capable of handling stressful situations in a level-headed and professional manner. Anyone who meets the above qualifications and has a calm demeanor should be fully capable of successfully fulfilling the role of estate executor.
Start the Estate Planning Process
Choosing the correct estate executor is important. However, even more important is drafting a high-quality estate plan. And the best way to ensure that your estate plan is properly drafted is to hire an experienced Florida and New York estate planning attorney. At the Law Office of Angela Siegel, we provide comprehensive estate planning services to clients who reside in Florida and New York. Attorney Angela Siegel is licensed to practice law in both states, and she regularly assists clients with their estate planning needs. Therefore, if you live in Florida or New York and are ready to begin the estate planning process, contact Angela Siegel today for a consultation.