How to Choose the Right Executor or Trustee
When it comes to estate planning, you must decide who will be in charge of ensuring your wishes get carried out when you pass. For those who have a trust, this individual is called a trustee. As for those with a will, this person is called an executor. Appointing the right person for the role is critical if you wish to avoid mishandled assets.
Below, we’ll discuss the steps in picking the right trustee or executor. This way, you can rest assured everything will be handled accordingly.
What Does an Executor or Trustee Do?
Both executors and trustees share the goal of making sure assets get properly distributed. But they still have a few differences:
Executor: Distributes the assets of an estate, just until the estate has been settled
Trustee: Manages assets in a trust, usually maintains their role for a longer period of time
Qualities to Consider
There are certain characteristics to look for in a good trustee or executor. These include someone who is:
Trustworthy enough to handle personal, legal, and financial documents
Organized and great at managing time
Good communication
Literate when it comes to handling finances
Calm under pressure
If someone lacks one or more of the latter qualities, it’s important to reconsider the role. A bad trustee or executor can cause delays, show a lack of interest, provide poor communication, make several mistakes, or mishandle your assets.
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