Choosing an executor outside the family can be wise when no one within the family is reliable enough to handle the role and ensure impartial and professional management of your estate. It may be something you are considering doing as you come to terms with your estate administration and planning.
Key responsibilities of an executor
An executor has several duties to manage and distribute according to the deceased’s wishes. These include:
- Find and file the will with the local probate court
- Notify relevant parties like the banks, creditors and government agencies about the decedent’s death
- Create a bank account for all incoming and outgoing transactions
- File a court inventory of the estate’s assets
- Ensure that the property is maintained until it is sold
- Pay debts and taxes
- Distribute the remaining assets to the beneficiaries based on the will
All these tasks require an executor who is diligent, impartial, and knowledgeable about legal and financial matters.
Close friends as executors: A personal touch
Your close friends can serve as executors if they possess the necessary skills and trustworthiness. They can add a personal touch and more closely understand your values and wishes. Ensure they are willing and capable of handling the responsibilities before appointing them.
Professional executors: The reliable choice
Professional executors, such as lawyers or trust companies, offer expertise and impartiality. They understand the legal complexities and carry out your wishes accurately. Their experience in estate management can prevent conflicts and ensure a smooth process.
The choice is yours
Selecting an executor outside the family can provide peace of mind and ensure effective estate management. Whether you choose a professional or a trusted friend, ensure they understand your wishes and are prepared to take on the responsibilities. However, given the legalities of this process, it would be beneficial if you sought support from lawyers experienced in handling these cases.
