Is it better to hire a professional executor than to appoint a loved one? This is a question you may have when looking for an executor.
Professional executors, such as an attorney, a bank, an accountant, or a trust company, are experienced. They have worked with different estates. Thus, they know the steps to take and what to expect.
On the other hand, a personal executor understands you and your wishes. They can make decisions that you would have.
So, who should you choose?
Are disputes likely to arise?
If disputes are likely to arise from your estate, that is, if your estate plan is contrary to what your loved ones may expect, perhaps you have not included someone in the will, it may be wise to hire a professional. This way, your child won’t have to tell their sibling they are not in the will or they didn’t get the asset they hoped for.
Is your estate complicated?
If your estate is complicated, you may need the expertise of a professional executor. Administrating a complex estate can be stressful for a loved one. Professional executors are skilled and usually have a team that can handle different tasks.
You can have a personal and professional executor
As mentioned before, professional and personal executors have unique benefits. If you want to optimize these advantages, you can have both. This way, you get the expertise and impartiality of a professional executor and the personal connection of a loved one.
You can appoint them as co-executors. They will work together to ensure your wishes are fulfilled.
Regardless of who you pick, your executor should be well-informed, trustworthy, objective, available, financially stable, organized and responsible. Consider legal guidance to choose a suitable party.