Choosing an executor or trustee to carry out your wishes after your passing can be a challenging decision. While your favorite child may hold a special place in your heart, they may not necessarily be the best fit for this role. On the other hand, opting for an attorney or trust firm might come with high fees that don’t align with your preferences.
Ensure that your legacy is free from confusion, disputes, and resentment. Here are some options to help you navigate this important choice for you and your family.
First and foremost, consult with professionals to draft a will or trust. It’s advisable to seek professional assistance rather than attempting a DIY estate plan.
When selecting an executor for your will, consider the following factors.
Executor or Trustee?
Do you need an executor or a trustee? Daniel Razvi, a senior partner at Higher Ground Financial Group, recommends opting for a trust if you own real estate. While wills dictate asset distribution post-death, trusts become operational upon asset transfer. It’s crucial to choose a reliable individual to manage and distribute assets according to your wishes.
Considering Your Children
If you’re contemplating choosing one of your children as a trustee or executor, ensure they are financially responsible and can follow your directives effectively. In cases where family members may not be suitable, consider a backup plan involving a smaller trust company or a corporate entity.
Family Dynamics
Family Member Fallout: Selecting one family member over another can lead to strained relationships. To mitigate potential conflicts, consider assigning different roles to various individuals in your estate plan. This approach can help maintain harmony and ensure efficient execution of your wishes.
Challenges and Considerations
It’s important to acknowledge that being an executor or trustee is no easy task. The responsibilities can be overwhelming, involving tasks like selling properties, managing assets, and handling legal matters. Having a family member with expertise in these areas may be a more suitable choice than solely considering personal preferences.
Decision-Making Power
Healthcare Directives: When selecting an executor or trustee, consider their ability to make critical healthcare decisions on your behalf. Ensure you choose someone you trust to honor your wishes and avoid potential disputes among family members.
Your Opinion Matters
If you’ve served as an executor, share your experiences and insights in the comments section. Your input can provide valuable guidance to others navigating similar decisions.
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Rodney A. Brooks is an esteemed journalist and author with a wealth of experience in financial matters and retirement planning.
Disclaimer: All financial decisions are made at your own risk. Seniorplanet.org and Older Adults Technology Services from AARP do not guarantee or claim specific results or success.
