Choosing an executor for your estate is one of the most crucial decisions estate planning process. The executor will be responsible for manage your assetsensuring that your wishes are carried out and meeting all legal obligations following your death.

Given the importance of this role, it is essential to choose an individual with both the diligence and skill necessary to defend your heritage.

Understanding the role of an executor

An executor is responsible for fulfilling the requirements of your estate. Primary responsibilities include submitting the will to the probate court, locating and valuing assets, settling outstanding debts and taxes, and distributing assets to beneficiaries. This role can be very demanding and can take months or even years, depending on the complexity of the estate. The executor ensures that each step aligns with the estate plan and meets all legal requirements. Therefore, choosing the right person to assume this important responsibility is essential to the successful administration of your estate.

Florida Rules and Limitations

Under Florida law, there are specific qualifications for who can serve as an executor:

1. The person must be at least 18 years old.

2. The individual must not have been convicted of a crime.

3. The individual must not have been declared physically or mentally incapacitated by a court.

4. The person must reside in Florida or be related to you by blood, marriage or adoption.

More: Does a Living Trust Meet Your Estate Planning Needs? Discover these advantages and disadvantages

Qualities of a good executor

1. Financial responsibility and organizational skills

The executor you select should possess strong financial management abilities, organizational skills and an understanding of legal compliance. They must be able to gather and organize essential documents, such as tax records, account information and other legal documents. Financial literacy is particularly valuable, especially when the estate includes complex investments or business interests. It is essential that your executor is able to make sound financial decisions and manage the estate’s assets responsibly.

2. Impartiality and integrity

Conflicts of interest may arise if your executor is also a beneficiary. Although family members are often given the role of executor, family dynamics can complicate the distribution of assets. Your executor must act impartially, follow the instructions of the estate, and ensure fair treatment of all beneficiaries. Integrity is paramount because the executor holds significant authority over the assets of the estate and has a legal duty to act in the best interests of the estate.

3. Time commitment and availability

Managing an estate can be a lengthy process, often lasting several months or even years. The executor will need to meet with legal and financial advisors, file the necessary documents with the court, and oversee day-to-day estate matters. It is essential to determine whether the person you choose has enough time to devote to these responsibilities. Someone who is already managing multiple commitments might struggle to give your estate the attention it needs.

4. Familiarity

Choosing an executor who understands the unique aspects of your estate and the needs of your family can be beneficial. A person who understands the sentimental value of personal items or heirlooms may be better placed to handle these matters with care. However, familiarity does not necessarily mean selection of a close family member. In some cases, a third party, such as a trusted family friend, can provide a level of impartiality and professionalism that enhances the estate administration process.

Consider Executors

Although this option is less common and not generally preferred, some people may choose to appoint an executor. In Florida, you can name a bank, trust company, or savings and loan association as your executor, as long as the entity is licensed to act as a trustee within the state. Although the fees for a corporate executor may be higher, this option may be advantageous if you do not have a trusted individual to take on this role or if your estate is particularly complex. A corporate executor can provide the expertise and resources needed to effectively manage the administration of the estate.

Discuss your choice with your executor

Once you have selected a trusted executor, it is crucial to clearly communicate your decision and discuss your expectations. Make sure they fully understand the responsibilities involved and feel comfortable accepting the role. This conversation will help address any concerns they may have and allow them to adequately prepare for the tasks they will undertake.

To ensure that your estate will be administered according to your wishes, take the time to carefully choose an executor who will respect your intentions and manage their responsibilities with skill and diligence.

Stephen J. Lacey, JD, LLM, is a member of the Lacey Lyons Rezanka Law Firm. His practice areas focus on estate planning and probate.

This article was originally published on Florida Today: Will: Choose an executor who will honor your wishes upon your death