An executor plays a crucial role in the managing of your estate plan and in carrying out your wishes. You may immediately lean toward appointing a family member for that reason. But is that the best possible option for you?
In reality, you may find that the family member you have in mind is not actually a perfect fit for this position. But why?
Trusting your executor
CNBC discusses ways to decide on an executor. First, they note that it is important to have that personal connection and level of trust with one another. After all, you are trusting this person to uphold your will and make decisions in your place. They should be decisions you yourself would make, if you could.
Having that personal understanding and connection can help you feel more at ease, too. You know who the executor is as a person. You know their views and beliefs. You know how respectful they are and you can trust them to be a good person through the duration of probate.
Skills your executor needs
But you also likely know whether or not they have the administrative skills necessary to act as executor, and one needs quite a few of them. This is an enormous role to play with many responsibilities. They need to have interpersonal communication skills, the ability to deal with grieving loved ones while balancing their own grief, and the ability to figure out how to handle taxes, property division and communicate with lawyers and other experts clearly.
Being punctual, precise, dedicated, organized, and responsible all play a role, and not every family member has these skills no matter how much you love them. It is an important thing to keep in mind.