Creating an estate plan is the best way to ensure your wishes will be followed after you pass away. While this is true, there are some important decisions you need to make.
An important part of your estate plan is selecting an executor. Many people choose a family member for this role. However, before going this route, there are a few things to consider.
When are family members a smart choice?
People often pick someone in their family as an executor because they believe these people will have their best interests in mind. Also, family members usually understand the family needs and dynamics.
While this is all good, not all family members can handle the situation. For some, the management and organization of your estate may be too much to take on. Because of this, it is important to consider who would be suitable as the executor in your family or if you should look beyond your family to find someone.
Alternatives to family members
You do not have to name a family member as the executor of your estate. You can choose a friend, acquaintance or even a lawyer for this. Your goal should be to find someone who can handle the task. Make sure you trust the individual you appoint to fulfill your wishes.
Choosing the right executor
Deciding who will be the executor of your estate is something you should think about carefully. You have the right to appoint this person based on your needs. You should also learn about your legal rights regarding your estate plan to ensure you include all the necessary information.