When choosing an executor, it is important to pick someone who has both your personal trust, as well as your trust that they can handle a high-pressure, high responsibility job.
But what jobs do executors have, exactly? They are more numerous and crucial than one may initially think.
Managing the estate finances
Executor.org discusses responsibilities that executors have. First, executors must organize the funeral. This includes paying for all associated costs with estate assets and handling the decedent’s body in accordance with their wishes.
It also includes the management of estate assets. Executors should end any services that are no longer needed, such as subscription services and internet. This preserves as many assets as possible, which is important for beneficiaries. They must continue to pay necessary bills also using estate assets.
Communicating with beneficiaries
Speaking of beneficiaries, it is up to the executor to contact each one and divide up the remaining assets among them after the probate process has come to its end. They must also tie up any loose financial ends, such as repaying remaining debts and handling the final tax form.
In order to do all of these things, the executor needs to be a person with several distinct traits. They need to have strong organizational and communicative skills. They should value timeliness and stick to schedules well. They need strong leadership skills and must have the ability to self-manage and self-regulate, as no one else will have a position of higher authority than them.
To manage an estate well, it is crucial for an executor to have a decedent’s personal trust, as well as these traits.