As a resident of Minnesota, you have dedicated time, money and effort into crafting your estate. When you begin working on your estate plan, you should put just as much care and consideration into it, too.
Thus, you need to start off with a strong foundation. One of the best ways to do this is by selecting the best executor for your estate.
Focusing on your executor’s age and schedule
Forbes discusses some of the key points you should examine when looking for an executor for your estate. The first thing you should look at are your potential selection’s amount of free time and age. You need someone who is mature enough to handle matters of the estate, but young enough that they will likely outlive you.
You also want someone who does not have any major life-changing plans in the foreseeable future. This includes starting businesses, getting married or moving far away. After all, handling estate matters and dealing with probate take a lot of time and effort. The process can last for years after your death, and your executor should prepare for that.
Desired skillset of an executor
Next, select someone with sound professional skills. Choose a person who has experience working with financial advisors. Someone with a grasp on leadership rolls and related skills is also good. They should have organizational and time management skills, too. Communication skills are also a big help.
And last but not least, pick someone who fits you on a personal level. You want your estate plan looked after by someone who shares similar world views and values, after all. This helps ensure you will not end up misrepresented after your death.