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Choosing the right estate executor

Many people in the Brooklyn area do not realize that there is much more to making estate plans than making wills. Executors are necessary to settle their estates. There are many duties involved in managing estates. They may feel inclined to choose one based on their relationship to them. However, family and familiarity are not always the best reasons to use. 

Some people consider it an honor to serve as executors. But there are many things they must do before they can distribute assets to the heirs, states Privatebank.wf.com. If they do not manage the estate properly, complications can occur, such as disputes, hurt feelings, damaged relationships between surviving family members and higher estate administration expenses. Here are some tips to help with executor selection. 

Consider qualities 

It is not possible to gauge one's ability to successfully manage an estate on their looks. Testators should consider the qualities and characteristics of potential executors. Honesty, integrity, and good time management skills are just several qualities that a good executor should have. 

Financially responsible 

Once an executor is chosen, probate court will assess their financial habits and profile to ensure they are suitable for the role. It is often necessary for an executor to get bonded as protection for the estate. People who have poor credit, are bad at paying their bills on time and have collections, judgments and liens against them are financial risks and may not be bondable, which can lead to the courts not allowing them to be executors. 

Choose backup executors 

Being an executor is akin to a full-time job in some cases. According to Daily Caring, it is a good idea to choose a "corporate executor as the final successor." Testators should choose additional individuals to step up when an estate administrator experiences an event that keeps them from fulfilling their duties. 

Selecting the right executor is not a challenging task. But it is one that requires careful consideration and research to ensure the protection of the testator's wishes and interests.

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