One of the key things you need when choosing someone to be the executor of your estate is complete trust. When your legacy is involved there is too much at stake to select someone you find to be dishonest or unreliable.
It’s no surprise, therefore, that many people turn to a family member when choosing who to ask to fulfill the role. But is this always a good idea?
Sometimes it can complicate matters
You’ve likely read stories of family conflicts over the division of a deceased family member’s estate. Often issues occur because the decedent split things unequally or perhaps disinherited someone who was expecting to inherit. Others believe the executor is putting their own interests ahead of the decedent’s wishes or the law.
Not everyone is a great communicator, and even though an executor might be carrying out their duties honestly, heirs and other beneficiaries may get suspicious if they fail to communicate things clearly – especially if the executor is a family member and beneficiary.
It may be too much of a burden at a difficult time
Say you nominate your child to administer the estate. You and your family are sure they will follow your instructions to the letter. The only problem is that they are so devastated by your death that they struggle to think straight and makes errors that prove costly or delaying things for everyone.
This is not to say that family members cannot administer their loved ones’ estates well and without issue. Many do. However, when creating your estate plan, it is wise to consider all variables,including encouraging or putting money aside for the person you choose to have appropriate legal guidance when the time comes.