Planning what happens to your estate in the event of your death can be a daunting prospect. Often, individuals choose to delay the matter and put it off until it becomes too late. It may be in your best interest to have a solid estate plan sooner rather than later.
One key aspect of estate planning is choosing a suitable executor. Often, individuals will designate family members to carry out this task. As a result, it is important to consider the strengths and weaknesses of assigning family members to become executors and other potential options.
Why might family members be the best choice?
People will often be motivated to pick family members as executors because they believe they will have their best interests at heart. Additionally, members of the family frequently have a better understanding of the family’s dynamics and needs. The motivation of family members in managing the estate will often come from a place of love and respect.
While all of this can be seen as a positive, not all family members will possess the professional acumen to deal with an estate appropriately. Occasionally, the organization and management of an estate can prove to be too much for family members to take on. Consequently, it is important to look at your estate plan from both a personal and professional level.
What alternatives to family members are there?
It is not compulsory to have family members manage your estate. In fact, there are numerous ways to decide who might make the best executor. There is no need to feel compelled to choose a family member. What is most important is to choose the most suitable person for the task. This could be a close friend, spouse or even someone you trust outside of the family dynamic.
Ensuring that your final wishes are carried out is extremely important. Understanding your legal rights in relation to estate planning could be in your best interests.