As a Pennsylvanian working on your estate plan, you need to start putting serious consideration into who you want as an executor. This is crucial for the overall structure and success of your estate plan.
But how do you make such an important decision? Is there any way from telling good executors from bad ones? Is there a set standard that proves someone is worth managing your estate for you once you have died?
Key traits of successful executors
Forbes discusses how you can look for an executor for your estate. This process is highly individualized and does not look the same for any two people. For this reason, you can follow guidelines and advice, but you will always need to tweak things to suit your personal situation.
However, there are some key traits that are often shared between successful executors. For example, almost all good executors have some form of leadership skill. They can communicate with others and work well without guidance. They can handle stressful situations. They are often organized and get things done on time, even without external sources of pressure.
Getting along with your executor
An executor should also have some personal compatibility with you, as the person whose estate they are managing. After all, they are working as a stand-in for you when you can no longer represent yourself. Would you feel comfortable with someone who does not agree with you about basic morals, principles and life views?
For many people, the executor that fits the bill is a relative. For others, it may be a close friend. You must reach out and contact them well before you need them to step in, too. This way, you ensure they are up for the task on top of being a good fit.