When Pennsylvania residents get started on estate planning, it is somewhat overwhelming. What should you take care of first? Where should you start?
Today we will look at these complex questions and the possible answers to them. We will start with picking an executor for your will. This is one of the first things many people do. It is also one of the most important things.
Common traits among successful executors
HuffPost asks this very same question. How do you pick an executor that suits your needs? First, some traits are universal in good executors. They are project managers. They know how to be their own boss. They have strong organizational skills. They excel in communication. They understand the importance of deadlines and adhere to them well. It helps if they have experience managing large projects under their belt.
Managing an estate is difficult business. Not only does it demand a high level of attention and focus, but the process is lengthy, too. An executor will manage an estate for a year or more. Probate often takes over a year to complete. This is why it is important to select an executor with strong time management skills.
The importance of free time
Select an executor who has free time as well. Because estate plans take so long to manage, they should put most of their time and attention toward it. You should reconsider your choice if they have upcoming big plans. This may include starting families or businesses, or moving.
The rest is up to personal preference. What do you value most in your executor? Do their principles and moral compass align with yours? Are they concerned about the same things? Do they have the same world views? Ask yourself these questions before making your choice.