An estate plan comprises numerous aspects that may have to go through the probate courts. One of the most fundamental components of an estate plan is the will. This document outlines how the testator’s assets are to be distributed upon their death. It may also include terms that explain who should look after young children.
The individual tasked with carrying out your instructions precisely is commonly referred to as the executor. This is an extremely important role and it is not suited to everyone. So, what makes someone a good executor?
Choosing family members
It is not unusual for the testator to nominate a family member as the executor of their will. This comes with many benefits, such as the presence of a strong bond of trust. However, there are also some potential drawbacks with this option. The probate process can take some time to settle, and this is time that the family member will have to give up. Additionally, the family member is also likely to be grieving, so it’s important to consider whether or not they will be able to cope under the extra pressure.
Choosing someone outside of the family
There are individuals who act as executors on a professional basis. The benefits of this are that they will be used to dealing with the probate process every day. They are also not going to get caught up in any family disputes, and they will deal with executing the will strictly on a professional basis. This all falls under the fiduciary duty that such individuals have.
Choosing the appropriate executor can minimize the risk of complications during probate. Obtaining legal guidance can also help ensure that everything regarding your will goes according to plan.