Selecting the ideal estate administrator is important in the estate planning process.
This individual plays a pivotal role in executing your wishes regarding asset distribution after your passing.
Trustworthiness
Did you know that only 46% of individuals over 55 have a will, much less an estate administrator and the qualities necessary to be the right choice? One of the most important qualities to look for in an estate administrator is trustworthiness. You need someone honest, reliable and capable of handling financial matters responsibly.
Organizational skills
Another important attribute is organizational skills. An effective estate administrator should be highly organized and able to keep track of important documents, deadlines and financial transactions. This individual should be detail-oriented and capable of managing the complex administrative tasks associated with settling an estate.
Communication skills
Your chosen administrator should be able to communicate clearly and effectively, both orally and in writing to your beneficiaries, creditors and other parties. This individual should have the ability to explain complex legal and financial concepts in a way that is easy to understand.
Availability
Choose an estate administrator who is readily available and accessible. Settlement of an estate often involves time-sensitive tasks and deadlines, so you need someone who can promptly respond to inquiries, attend meetings and take necessary actions.
Impartiality
Impartiality is important for an estate administrator. This person should carry out his or her duties without bias or favoritism towards any beneficiaries. Every decision should follow the terms of your estate plan and the relevant legal requirements.
As you find prospective individuals, you and your prospective administrator need to learn this role. You also need to clearly communicate your expectations and requirements during the selection process.