Finding the right person to execute your estate is a challenging but essential task. When you need someone you trust, the obvious place to turn might be your family.
Yet, this is not always the best decision. To understand why let’s look at the qualities you should look for in an executor of your estate.
An executor needs to be efficient
Delays and errors in executing your estate will cause delays in its distribution. If your family has plenty of money, this may be less of an issue. Yet, if they rely on accessing what you leave them to continue, delays could cause them to suffer. Getting estate execution right the first time is difficult.
An executor needs to have time to spare
You trust your little sister with your life, so have no doubts about her honesty or ability to carry out the task. Being much younger than you, she is also likely to be alive when you die. Yet, she also has a demanding career, three young children, and lives on the other side of the country. It will be complex for her to dedicate the time the role requires.
An executor of an estate needs to be impartial
You do not want to go to your grave worrying about whether family members will fall out with each other over your estate. Having an independent third party take the role of executor prevents someone from accusing them of changing things in self-interest.
Many people decide that the best option is to nominate an independent professional rather than a family member. Understanding more about what estate execution involves can help you make the right choice.