Picking an executor for your estate plan will serve as one of the most important life planning decisions you will make. Of course, you want to make sure that you select the right person the first time to avoid unnecessary complications or problems.
But how do you do that? What is the best way to go about selecting an executor that can help you fulfill your vision for your estate plan?
The benefits of having a relative as an executor
HuffPost discusses the benefits and drawbacks of having a relative serve as executor. First, they will have a level of familiarity with you that almost no one else will have. If you choose a close relative, they have likely grown up with you and understand your preferences, your ideology, your views on life and your opinions on important matters related to death and estates.
Likewise, you know them well. You know if their ideologies mesh with yours, and whether you share a similar train of thought or not. You will also have a strong base level of trust, and you can likely rest at ease knowing that you can leave matters in their hands and they will carry out your wishes dutifully.
Potential drawbacks and downsides
On the other hand, managing an estate plan is tough work that not everyone will mesh with. If your relative is not good at dealing with finances, money management, time management, dictation or carrying out responsibilities in a timely manner, they may not be the best pick, unfortunately. Likewise, if they do not hold up well under stress, they may not have what it takes to handle the combination of grief and leadership that being an executor requires. Thus, you want to review all possibilities carefully before making a choice.
