When looking into your options for an executor of your estate, you will likely turn to your family first. After all, they often know you well and understand your family history.
However, there are some instances in which a family member might not be the best option for your executor.
The duties of an executor
Forbes takes a look at options for an estate executor. Family members, as mentioned, often rank high on people’s lists of potentials. However, they may not always be the best option available.
First, note that executors often have taxing duties that not everyone is up to the task for. When you ask a person to manage your affairs after your death, you are asking them to possess a number of traits such as time management, social skills, self-management, prioritization and more.
On top of that, they will have to handle all of these tasks while simultaneously managing their grief over your death. This is not something everyone is capable of.
Judging conflicts of interest
In addition, it is possible for conflicting interests to get in a person’s way of properly managing your estate. If your family member has a lot to gain (or lose) depending on how certain matters go, they may be tempted to use their power as an executor to bend things in their favor.
Of course, it is important for you to have a connection with and trust your chosen executor. However, it is possible that you may have to turn to someone outside of your family to get what you need out of an executor.
