New Jersey residents like you work hard on your estate. It makes sense to work just as hard on your estate plan. After all, you want the transfer to go as smoothly as possible after your death.
To ensure this smooth transition, you must have an intelligent, capable executor. But how do you find such a person?
Key qualities of a good executor
Forbes examines how to choose an executor for your estate. There are several key qualities to keep an eye out for. They include:
• Organizational skills
• Time management
• Social skills (people skills, communication skills)
• Leadership abilities
Managing an estate is no small feat. Your pick needs to have all the tools necessary to run it on their own. This means having the time to deal with one or more years of probate, too.
On top of that, they should be self-motivated and disciplined. After all, they must do everything themselves. They handle everything from talking to grieving family members, to poring over legal documents.
Experience with legal experts is a big plus, too. Your executor will communicate with your financial advisors and attorneys. They must understand what they need to do to keep assets moving smoothly until they get to their destination.
Is personal compatibility important?
Of course, there is a level of personal compatibility that should be present. Though it is less important than professional skills, you want your executor to act as your stand-in after your death. They should accurately interpret your wishes and will. This means having insight on your personality, your family life, your core values and more.