Why is choosing an estate executor such a big deal? You might ask. Well based on statistics many will makers around the world take this position for granted. It’s crucial for you to understand the graveness of this role, mainly if you care for the welfare of your family and beneficiaries.
Before we go into the criteria for judging your estate executor, we’ll give you the reasons why this particular role is so significant.
Reasons Why Choosing An Estate Executor is Important
- Helps You Prevent Family Drama – It’s a common practice for will makers to appoint a family member as an executor, it can be a spouse, children or any other immediate family member. It is often quoted as a logical choice for many will makers. But the question is, is it really a rational choice? Most of you would argue yes! A family member will protect my assets better than anyone. We’ll all good for you if you have a responsible family member, but not for a majority of people out there who are now in probate court suing each other because of asset mismanagement. Cases like siblings fighting over family inheritance all because the estate executor, an elder sibling perhaps, has decided to put his or her interest above those of his siblings. Cases like a spouse getting in a dispute with the deceased family members because they didn’t agree on certain things concerning the estate. The list goes on, regarding family lawsuits involving inheritance. By being careful with your choice as an executor prevents family disputes from happening after you die.
- Protects Your Assets – Having a competent estate executor ensures that your estate is managed effectively and it’s distributed according to your wishes. And in terms of a Trust, a trustee who knows what a trustee’s duties are will handle your assets appropriately. Your beneficiaries will get what you left behind for them and achieve your goal of providing for their future.
- Carries Out Your Intention – The executor of a will has the goal of carrying out your wishes; you depend on this person to be responsible enough to follow instructions. The last thing you want is a person asking other people “What is a trustee?” after your will has been read. You need someone who carries out the trustee duties seriously and not someone who has no idea what to do.
Criteria For Choosing An Estate Executor And Trustee
Now that we have discussed the reasons for being cautious in choosing an estate executor and a trustee, we’ll proceed to the criteria you need to base your judgement on.
|Trustworthiness and Responsibility||Is the person you are considering for the role trustworthy and responsible? The last thing you want is someone who will waste away your assets in gamble and self-fulfilment while your beneficiaries get nothing.|
|Health||Is he or she healthy? You wouldn’t want an executor or trustee who dies just days after you.|
|Organizational Skills||A good manager needs good organizational skills, that way you can be sure that your assets are in good hands.|
|Experience in Managing and Investing||Does he or she have experience managing assets or investing? Does he or she have experience in the stock exchange (if you have stocks) and can he or she handle different types of assets?|
|Relationship with Beneficiaries||Having a good relationship with your beneficiaries is vital. It makes sure that he or she will work towards the welfare of your heirs and not his or her own.|
|Not Biased||Will he or she be biased towards a certain beneficiary of yours?|
|Outlook||The outlook of your chosen executor is vital, will he or she consider this as a serious job or a cumbersome task taking up personal time.|
|Remuneration||Will he or she do the job voluntarily or will payment be required? If payment is expected, then you should include it in your will’s liabilities|
Asset protection and securing the future of your beneficiaries is your ultimate goal in creating your will that’s why choosing your executor and a trustee is a big deal. And in today’s modern standard people are moving away from the conventional family member as executor logic and choosing instead to hire professionals from a Trust company to do the job. The newly imposed regulations on Trustees also make it a lot safer for people like you to place your confidence and trust in companies.
Choosing a professional Trust company as your executor and trustee not only avoids family disputes regarding management but it also safeguards your assets. So if you want to make sure your beneficiaries get what intent for them to get, then spot placing your trust on individuals but choose a legal entity who is trained and has policies that preserve your hard earned monies for the future.
We at Rockwills have been handling estates and Trust since 1995, and we have provided comprehensive estate planning services to more than 200,000 individuals. Currently, we are holding more than 20,000 executor and trustee appointments. If you don’t have an estate executor and trustee yet, and you’re looking for one then give a call or message us. We’ll be glad to be of your service.