As a New Jersey resident working on your estate plan, there are a few first steps to take before anything else. Among them is finding an executor for your estate. This person will make the backbone of your estate plan. Because of that, it is important to find someone compatible as soon as possible.
Forbes discusses things to keep in mind when choosing an executor for your estate. There are many things to keep in mind. First, they should be up to the task of managing an estate. This is a process that can take years. It is time-consuming and full of legal work. Your executor will be reaching out to many people on your behalf. They must communicate with lawyers, family members, loved ones and potentially the court. Do they have the time to do this? Are they responsible enough to manage all of this on their own?
Next, they should be compatible with the way you think. This means you should share similar belief systems and moral principles. Your executor may need to make decisions on your behalf after you have passed. You will be able to rest easy if you know that your executor will make the same decisions you would.
It helps for an executor to have problem-solving, organizational and people skills. As mentioned above, they will be handling all matters of your estate. They will come into contact with many people. People are often upset in the aftermath of a loved one’s passing. It helps for the executor to know how to handle conflict and help people.