The executor, or estate trustee, of your will is the person who will administer your estate as per your instructions. This individual will be responsible for settling any debts, closing your accounts and dividing the remainder of your estate between your surviving beneficiaries.
When you choose an executor, it’s important that it’s someone you trust, someone who can handle the responsibilities of the role, and someone who will effectively resolve any issues that arise after you pass.
Choosing Your Adult Children
According to an article posted by national insurance provider Sun Life Financial, there could be potential problems that arise if you choose one or more of your adult children to be your executor. If you think your children will fight, or if they already do not get along, this could make an already emotional situation worse, and may lead to litigation.
An objective perspective may be necessary for sensitive testamentary directions. It may be best to choose an individual who is not listed as a beneficiary and can remain objective when it comes to interpreting the directions in your will. A trusted relative or family friend may be able to better referee between beneficiaries and surviving family members.
The Ideal Executor
There are a couple of characteristics that you should look for in an executor. He or she should be someone that you are comfortable with. If there are vague instructions in your will, it could be beneficial to choose someone who has a similar approach to personal matters as you do. You want to avoid choosing someone who may act selfishly, or abuse their powers.
Reaching Out For Assistance
The role of executor also requires an individual to be resourceful. The more complicated the estate, or the more blended the family, the greater the potential for different kinds of challenges. Its important executors know what they are liable for, and who to contact for professional or legal assistance to resolve matters.