What does an executor actually do?

What does an executor actually do?

On Behalf of | Feb 25, 2023 | Estate Planning

When choosing your executor, you will want to know what they actually have to do before making your final selection.

After all, it is not just important to pick someone who resonates with you and who understands you. You also need to pick someone up to the task.

Communication and time management skills

As Forbes states, executors hold a crucial position in an estate plan. They essentially act as managers, holding a position of authority and keeping things running smoothly through the probate process.

They will communicate with everyone else involved in your plan, from financial advisors to attorneys, as well as your beneficiaries. This means they need strong social skills and social etiquette.

They also need time management skills, as they will handle the filing, signing and reporting of many legal documents which have to get completed in a set amount of time.

Self-management and financial skills

Self-management is also important. No one else will really guide the executor or tell them what to do, as they are essentially at the top of the management chain. They need to have the ability to set their own schedule and stick with it.

Financial skills are a plus, too. They will manage almost all of your finances in probate. This includes repaying any remaining debts, filing your final tax form and either continuing to pay off necessary, ongoing bills, or ending any unnecessary ones.

These are numerous and varied tasks and responsibilities. The person you pick for the duty must actually have what it takes to manage these things.