When you start looking into eligible individuals to help manage your estate, it makes sense to turn toward your loved ones and family members first. After all, you know them best.
But is a family member truly the best choice when it comes to managing your estate? For some, the answer might, unfortunately, end up as a no. But why is that, exactly?
Why choose a relative?
Forbes takes a look at the process of choosing an executor. Of course, it is important to choose an executor that has similar world views and beliefs as you. It is also important to select someone that you know will honor your wishes and carry things out in a respectful manner.
Because of this, many people gravitate toward their relatives, perhaps including you. After all, who knows you better than your siblings or children or close but distant relatives? Who do you know better than the people you have spent your life around?
Will a relative actually be best?
Unfortunately, though, there are more important parts to choosing an executor than simply getting along with them. Your executor will shoulder the brunt of the responsibility when it comes to managing your estate after your death and working with your estate attorney.
They handle your taxes, any outstanding debt, the division of your assets and contacting your bereaved loved ones. Your executor, with assistance from your attorney, will need to work with your financial advisors. They may have to clean out your house and sell your vehicles or other personal property. They will have to deal with paperwork that needs to be handled in a timely manner.
Not every beloved family member has the skill set needed to also be a good executor. This is something you must keep in mind when discussing this decision with your attorney.