Indiana residents like you spend a lifetime of effort building up your estate. It makes sense then to put just as much care and effort into crafting your estate plan. To do this, you must start off with a strong foundation.
This means selecting an estate executor who will benefit your estate. They will make transference of assets to beneficiaries easy. But how do you find the right estate executor?
Do family members have the professional skills needed?
Forbes discusses ways to choose the best executor for your estate. Many people have a misconception that an executor must be a family member, but this is not true. Many people select a family member because they share close ties. Family members have intimate insight on your family situation. They know you on a personal level and often share similar world views, moral principles and so on.
But do they have the professional skills needed to serve as executor? Many unfortunately do not. Being an estate executor requires a fair level of commitment and skill. Executors must have leadership and organizational skills. They should keep themselves on task, set schedules and work without needing any outside reminders or pressure.
Communication is necessary
Executors must also excel at communication. They act as the contact point between your lawyer and beneficiaries. They may even have to work out disagreements between beneficiaries, who are likely in a highly emotional state due to your death. They must work with financial advisors too, so experience with that is a plus.
Not every family member has this skillset. It is easier to teach someone with the professional skills about your family situation. It is harder to teach a family member the professional skills. But in the end, the decision is up to you and what you feel suits your plan best.