For most people, choosing beneficiaries and outlining what they should inherit is the most enjoyable part of estate planning. The act of leaving something meaningful or valuable for loved ones or even a charitable cause can trigger positive emotions and make people feel happy about the legacy they intend to leave.
However, there is another major decision related to estate planning that may not be as easy or enjoyable to complete. Specifically, testators drafting wills and other documents must name someone to serve as their executor or personal representative. When choosing who will administer an estate, the three characteristics below are among the most important to evaluate.
1. Assertiveness
Personal representatives may need to sell major assets, which could require negotiations with buyers. They may need to go to court for administrative purposes or when there are disputes about their actions or estate planning documents. Selecting someone who is not afraid to speak up calmly in high-stress situations is typically beneficial.
2. Personal diligence
Estate administration requires managing multiple challenging processes simultaneously. Personal representatives must be capable of remaining organized in the most complicated scenarios and also able to follow complex instructions.
3. Trustworthiness
Personal representatives have access to resources that are valuable and that others may not even know exist. It is critical to select someone who can earnestly uphold their fiduciary duty to beneficiaries instead of succumbing to the temptation to misappropriate assets or engage in self-dealing for personal gain.
Working with an attorney to assess a short list of prospective candidates can be helpful for those choosing an executor. Legal guidance can take much of the uncertainty and stress out of estate planning in a variety of ways.