When choosing an executor for your estate, you will likely gravitate toward people who know you and your family situation best.
Oftentimes, this is another family member – one that you feel close to. But will that family member make for the best possible executor?
The skills of an executor
Forbes discusses choosing an executor for your estate. Generally speaking, most people will choose a family member to serve as executor. However, this is not always the right choice.
Simply put, an executor should have a lot of professional and interpersonal skills that not everyone has naturally. They will hold the lion’s share of responsibility for ensuring your estate gets treated properly after your death. They must interact with other professional individuals, such as your attorney or financial advisor.
They also need to deal with your other grieving loved ones, especially as they will be the one to pass out assets in accordance with your will in the aftermath of the probate process.
No matter how much you love your relative, if you do not think they have the skill set necessary to tackle such a burdensome task, you may want to rethink your choice.
Conflict of interests
There is also the possibility of a conflict of interest arising. This is especially true if your executor is someone you want to leave assets to. Though many people successfully appoint an executor who is also a beneficiary, this arrangement does not work for everyone.
Moreover, you must check with the intended executor far in advance before appointing them. This is an endeavor that takes time and can cost money, along with emotional and mental effort. They should be prepared.