When Virginia residents begin working on their estate plan, you should answer one question first. Who will your executor be? This is a question with a crucial answer. Today we will look at some of the deciding factors to consider before making your final decision.
There are two primary factors that may influence your decision. First, executors should have some level of personal compatibility with you. Second, executors should have the ability to handle managing an estate.
It is important for executors to be compatible with you because they will be acting as your stand-in. No one wants someone making decisions on their behalf if that person does not hold think like them. An executor should share your principles and moral code. They should be able to answer any question with a similar answer to one you would give. If they are a friend or family member, they will also have that extra motivation to do a good job.
But it is important for executors to have the ability to manage the estate, too. This means having strong communicative and organizational skills. It helps if they have managed big projects before. They should also understand that probate takes years. This is a long-term project that requires attention and dedication.
Are you looking into creating or altering an estate plan? If so, visit our link here. It will lead you to our web page on estate planning. You can continue reading about ways to pick a good executor. You can also learn more about what an executor does and how they function in an estate plan.