You must have a significant amount of trust in the person you select to serve as the executor of your will. Your executor’s actions can impact how your estate moves through the probate process and whether your family will remain cohesive. Here is what you should consider when selecting the executor of your estate.
Choose Someone Trustworthy
Above all, you need to select an executor who will live up to the trust that you place in them. Your family is counting on the executor to do the right thing legally and financially. Each executor owes fiduciary duties to the heirs. The executor must perform due diligence and inform themselves when making decisions on behalf of the estate.
In a similar regard, you should also choose somebody responsible.
Someone Who Is Respected in the Family
A worst-case scenario is that your family becomes enmeshed in probate litigation. Family members could be more likely to challenge an executor if they do not view them as authoritative. It would help to understand the family dynamics and how other family members made you the executor.
Consider Whether They Understand Finances
The executor will be called on to make decisions on behalf of the estate during the probate process. For example, they may need to sell property such as a residence. They could need to dispose of other property to distribute the proceeds among the heirs according to the terms of the will.
Only some have a skill set that includes financial literacy. The executor may need to work with others, such as a real estate agent. They should be able to understand basic financial concepts to inform themselves and fulfill their duties to the estate.
Select Someone Organized Who Pays Attention to Detail
Extensive requirements must be met on schedule to keep the process moving. Otherwise, there could be additional delays in an already lengthy process.
At the same time, the executor would also need to enter the business of the estate. It may need to track many things going on simultaneously, even when they have other things going on. A disorganized executor who ignores details can worsen your family’s stressful situation.
Determine Whether They Can Communicate With Others
The other heirs will want to know how probate is proceeding and learn more about the executor’s decisions. They often anticipate when they can take possession of the property through probate. The executor must communicate with the heirs effectively. If there are miscommunications, other family members may consider mitigation.
At a minimum, miscommunications could impact family relations once the probate process is closed. The executor must know how to deal with people during a difficult situation. Family relationships can become strained when there are rivalries and money at stake.
Virginia Beach Estate Lawyers at Anchor Legal Group, PLLC Can Help You With Estate Planning
When you or your family needs help with a will or other estate planning issues, contact our Virginia Beach estate lawyers at Anchor Legal Group, PLLC. Call us today at 757-LAW-0000 or contact us online to schedule a consultation. Located in Virginia Beach, we serve clients in Chesapeake, Norfolk, Suffolk, Portsmouth, Newport News, Hampton, and Eastern Shore, Virginia.