Executors hold a large amount of power when it comes to a person’s estate plan. Every other figure involved in the plan, such as financial advisors or attorneys, will answer to the executor to some degree.
What are the exact duties executors need to fulfill? How should a person go about selecting one for their own estate plan?
Handling finances
Executor looks into the roles and duties of an estate executor. These duties will differ from estate plan to estate plan depending on numerous factors. However, the roles and responsibilities generally stay the same.
For example, most executors will handle the remainder of the deceased individual’s finances. This includes paying off any outstanding debt, continuing to pay ongoing bills for necessary things (such as electricity to a home), discontinuing unnecessary bills and more.
Funerary arrangements
They will also usually be in charge of handling funerary arrangements. This includes booking venues, purchasing services, and buying crucial pieces to the ceremony such as a casket or urn. They will follow along with whatever guidelines the decedent sets down in advance.
General skillsets needed
Generally, the skills executors need include time management, organizational capabilities, leadership and self-management skills. This is because no one else will remind them when things need to get done, and much of the process is time-sensitive.
They also need good interpersonal skills, as they will interact directly with other grieving loved ones.
Needless to say, it is a difficult position that not everyone can handle. This is why it is important to carefully look through all choices in advance before making a decision.