One of the most crucial decisions in your estate planning journey is the selection of your administrator. Their role is a pivotal one for ensuring the smooth transition of your assets and resolving any outstanding affairs.
There are several things to consider as you choose the administrator for your estate.
Familiarity with your wishes
The individual responsible for your estate should be someone who knows you and your wishes well enough to not only follow through with them but also make decisions that follow your principles and preferences if questions arise. This is about more than just understanding your will. They should know who you are as a person to see things from your perspective during estate administration.
Organizational skills
A strong candidate is well-organized and pays attention to details. The estate administration process is daunting and may include deadlines for certain paperwork or payments, court dates and documentation of transactions. Choose someone who can follow through with this.
Availability
Serving as the administrator of an estate requires a time commitment. Make sure that the individual you choose has the time to meet those demands. Balancing personal and professional responsibilities can pose challenges, so take time to talk with your intended choice about their capacity first.
Financial literacy
Estate administration requires a sound understanding of financial matters. Remember that they must settle your outstanding debts, manage your assets and make informed financial decisions about your estate. Choose someone with enough financial literacy skills to handle this without confusion.
An estimated 81% of those over 72 have an estate plan in place. Establish yours early to ensure peace of mind. Remember that your administrator takes on an essential role for your estate and your loved ones. Appoint someone that you can trust to carry out your wishes.
