When choosing an executor for your estate, you will likely look toward those closest to you first. For many people, perhaps including yourself, this list will often include or even entirely consist of relatives.
But are relatives your best bet when it comes to an executor? There are pros and cons to this decision.
Benefits of a family member executor
Forbes takes a look into how to choose an executor for your estate. When looking at a family member, there are many obvious benefits. First of all, you know them extremely well. You know if they hold similar world views and values to you, and if they will honor your will and your memory after death. You know if you can trust in them and rely on them.
The skills an executor needs
On the other hand, a relative may not have what it takes to cover all of the responsibilities that an executor must handle. After all, they manage the entire estate. They make sure to deal with taxes, government entities, relatives and loved ones and all other matters of the estate. They handle your bills, they distribute your assets and they deal with any stocks you own.
Thus, the person you choose needs to communicate with others clearly, follow deadlines and have a strong work ethic. Unfortunately, even your most trusted and beloved of relatives may not have what it takes to fill this position.
It is up to you who you choose in the end. However, it is crucial to look at your options carefully before you make a final decision, especially when it comes to matters of the estate.