One of your primary tasks when making your estate plan will be to choose someone to act as executor of your estate. When you die, they will work under the supervision of the court to settle and distribute it.
Many people instantly think of a close family member, such as their spouse, adult child or sibling for this role. But is this always wise?
Each situation is unique
To make the right choice of executor, you need to consider your unique circumstances, as there is no one-size-fits-all best choice. The advantage for most people of choosing a close family member is that they are sure they can trust them. In some cases, however, that trust does not exist.
Reasons not to choose a close family member include the following:
- Not wanting to burden them with such matters when they will be grieving
- The potential for self-serving (or accusations of it) if they are also a beneficiary
- They may live far away or have a number of family or work obligations.
- They may lack the requisite skills or stability to handle the role well.
Not everyone has any close relatives, either. Some people outlive their relatives and have no children of their own.
Sometimes it is better to turn to someone outside the family, such as a long-trusted friend or business partner. In all cases, family member or not, you should remind the person you pick that it is wise to seek legal guidance when it’s time to carry out the job. You could even select and provide funds for this in your estate plan.