Choosing an Executor: choosing experts may save you more than choosing close relations.
Choosing an Executor to your Estate is a process that requires some deep thought as this person will be in charge of distributing your assets upon your death. Without having chosen an able and willing Executor, your beneficiaries may not receive their inheritance timeously or to the fullest extent, not to mention the tax and legal repercussions that could result from a lack of knowledge on the Executors part. An effective Executor will also ensure that no Will contestation occurs, allowing your death to pass by as smoothly as possible, keeping your loved ones together in their time of need.
Basic rules for choosing an Executor:
- There is a tendency to choose one’s closest relations as Executors. This can be a terrible idea however, unless the person in question has sound knowledge of the fiduciary processes at work.
- Bear in mind that whoever you choose as Executor to your Estate won’t be alone in ensuring its smooth process: Executors often hire others to help them wind-up the Estate, such as attorneys and accountants. If you have not chosen a Fiduciary advisor as Executor to your Estate, but rather a close relative, make sure that your Executor has the right people aiding them to ensure your Estate is wound-up correctly.
- Choosing a financial or Fiduciary expert to act as Executor to your Estate is your best bet to ensure reliability and skill in winding-up your Estate. This expert will take a percentage of the Estate as payment for their services, which can seem like a lot, but often ends up saving your family more since the process is undergone with no hiccups.
So basically what it comes down to: choose the most capable person to act as Executor to your Estate, rather than the closest. If you want to know about the legal process behind Choosing an Executor, contact Crest Trust today.