The importance of having an estate plan cannot be stressed enough. The instruments that you include in your plan can provide your loved ones with an inheritance after you pass. You can also ensure that your healthcare needs and financial interests are looked after should you become incapacitated.
The person tasked with carrying out your final wishes as instructed is called the executor of the estate. It goes without saying that this is an important role. How should you go about choosing an executor?
Younger family members
Whoever you choose, there are several factors to consider. Many people opt for their younger family members. This has its benefits because the relationship will be founded upon trust and familiarity. However, you need to be careful that the family member who you do not choose does not feel pushed aside. If they feel that they have been unfairly treated at the time of probate, then they could raise a challenge to your will and other estate planning documents.
You are not limited to choosing a family member as your executor. You can also choose more than one if you wish, in case something happens to your first choice. Some individuals prefer to keep this role out of the family and go with a neutral third party with experience in these matters.
Your circumstances will not be exactly the same as anyone else’s. Thus, you need an estate plan that is tailored toward your specific needs. Having legal guidance throughout will help ensure that your estate plan brings your final wishes to fruition.