Taking care of loved one’s assets and debts while also grieving their passing is not an easy task. When it is time for you to choose an executor for your estate, there are a few things that would be beneficial to take into consideration. This article by the Washington Post discusses factors that should be contemplated before naming your executor.
First, success is not everything. You may think that your child who works as a successful accountant may be the obvious choice to take care of your estate. However, oftentimes people who are successful with their line of work struggle to tie that discipline over into their personal lives. Taking care of a parent’s estate requires patience above all, as it could take years to handle.
Second, you don’t have to automatically choose your firstborn. Just because this child is the eldest does not mean he or she can inherently handle all that comes with being the executor of your estate. Also, while one child may be great at dealing with finances, it may be best to choose one that will prioritize keeping the peace between family members during this delicate time. A child who is a mediator is often the wisest choice.
Carefully planning your estate is the best way to minimize any emotional and/or financial chaos in the wake of your death and leave your loved ones in a much better position to handle these matters.
Rhodes Law Firm can help walk you through the entire estate planning process, including choosing executors. We know this is a tough topic for most, but we are here to help you make the best decisions for your family and loved ones. Let us help you today! Give us a call or stop by our office to speak with our experienced team.