Estate Planning For The Long Run

Estate Planning For The Long Run

Who Should I Designate as My Executor or Successor Trustee?

by | Jan 20, 2023 | Estate Planning

The role of executor or successor trustee is among the most important ones within the estate planning process. The person entrusted with this duty serves as the intermediary between the heirs and the estate, diligently works alongside attorneys and makes sure that the testator or trustor – the person who created the will or the trust – has his or her wishes fulfilled in settling the estate.

It is often a time-consuming and can be a thankless role that requires a great amount of patience, knowledge and the ability to deal with a lot of moving pieces. This person may need to juggle many duties, such as identifying beneficiaries, safeguarding an estate’s assets, and helping with the settlement of disputes among heirs. It takes careful thought in choosing an executor or successor trustee.

Trustworthy, Responsible, organized, financially savvy

  • Here are some important qualities you should consider in choosing the right executor or successor trustee for your estate:Do they have the time to focus on what is at hand and complete the duties your estate will require?
  • Are they responsible, reliable, and trustworthy.?
  • Are they organized, efficient and prepared to tackle any challenges that may arise?
  • Do they have financial experience and understand money matters and how to deal with financial matters?

Will they work well with your current advisors, and in dealing with your heirs?

As long as you have the right person to fill the role of executor or successor trustee, you should feel comfortable in knowing that the settlement of your estate will go smoothly and efficiently. One final thing you should consider is what happens if the person you have designated predeceases you or is unable to serve, you should have a second person who is as equally reliable to serve as a back-up.