When someone passes away, their estate has to be distributed among the remaining heirs and other beneficiaries. A more complex estate plan may also include trusts and other documents.
However, all of this documentation just gives instructions for what is supposed to happen. The person who actually follows those instructions is known as the estate executor. Below are three qualities that a good executor will have.
Understanding of complex financial topics
Distributing assets can be complicated, and even discovering exactly what assets the deceased owned can be hard. An estate executor needs to have a high level of understanding of these complicated financial topics so that they can navigate this process without issues. They can also bring in financial, tax, investment and other advisors to help.
Dedication to getting it right
The executor also has to be committed to following the estate plan. They should be someone who is ethical and trustworthy. Their focus has to be not on doing what the heirs would like or doing what may benefit themselves but on following the instructions that were provided for them.
Proximity to the other heirs
Finally, distributing an estate can mean working closely with the heirs. It helps for the executor to be someone who lives nearby, who can go to real estate locations, take inventory of tangible assets, contact local financial institutions and much more.
When the estate executor begins to distribute these assets, it’s very important for them to understand the legal steps they should take to do this properly. They also need to know about their options if they find themselves in a dispute with the heirs.