Estate planning is certainly not easy, and for this reason many turn to professionals. Financial planners and lawyers ensure that trusts, wills and estates are planned from beginning to end. During the process of creating an estate, you will be asked to choose somebody to execute the will. Knowing how to choose an executor begins with understanding exactly what role this individual will play in your estate.
What Does the Executor Do?
The executor of your will or estate is the person who will is in charge of carrying out the actions listed in your documents. This individual may also care for any properties you leave behind, making decisions about your assets along the way.
What Makes a Good Executor?
The truth is that putting a family member in charge is often smart because you are putting your estate in the hands of somebody you can trust. On the other hand, family members may have a difficult time acting objectively on your behalf. Emotions often get in the way where estate planning is concerned.
Many individuals turn to their children to perform duties as executors. This may be a good idea if you have only one child, but trying to put two or more people in charge can cause conflict. Multiple people are not likely to agree on everything, from which property to sell to who should get prized heirlooms.
There are certainly some perks to hiring a professional executor, often a bank, accountant or attorney. A professional with experience handling estates is more likely to increase assets rather than to see them decline.
Contact us to learn more about establishing an executor for your estate. An expert opinion may help you determine the best choice.