Let’s say you’ve finally decided to sit down, write your Will, and make all the hard choices that come with creating an estate plan. A key part of this process is selecting someone to serve as your executor, also called a personal representative or estate administrator. This person, or organization, will be directly responsible for the estate settlement process and can have a major impact on how much your estate will pay in settlement costs, as well as influence how long it will take before the settlement process is finally completed. Here are a couple of tips you can use to select the proper executor.
Family or Friends
Most people choose a close family member to act as executor, though this isn’t necessary. Family members, as well as close friends, will likely know what your wishes are better than strangers. However, they may not be well versed in managing property or handling the complicated estate settlement process.
Lawyers, accountants, and banks can also handle the role of executor. While these professionals are well versed in the probate process, the fees involved may be more than you want to pay. However, while initial fees may seem high, these professionals may also avoid extraneous fees if they are able to simplify the process and ensure no problems arise.