Important points you need to consider
Have you thought about your will yet? More specifically, do you know who to appoint as executor of your will? It’s an important question and not one to gloss over. Many people appoint trusted family members as will executors. That can work in some instances. Yet there are also some advantages to selecting a professional such as an accountant or estate planning lawyer. This article outlines why you need an executor and some considerations when choosing someone.
Why do you need an executor for your will?
- You are not there to control how things are distributed
- You need someone to fulfil financial obligations
- An executor enables your wishes to be enacted correctly
When you die, you leave all your responsibilities and earthly possessions behind. You are no longer there to guide how they should be dispersed among family members, nor how you’d like to provide for dependents or beneficiaries. You need to appoint someone to navigate the bureaucracy associated with your death. They not only need to be trustworthy, with the utmost integrity, but they also need to have the skills and acumen required to jump through all the hoops necessary to get the job done well.
Who should be your will executor?
A family member:
- is a common choice for the executor of a will
- may face pressure from other relatives
- may hold conflicts of interest
- may not have the skills and abilities required
Many people like to keep things close to home when it comes to wills and estate planning. Often the nominated executor will be a family member. But remember that choosing a relative to be your executor can have ramifications – they might have a conflict of interest in the will, or they may not have the stamina to stand up for your wishes when put under pressure by other family members or beneficiaries. A chosen family member may have the interpersonal skills and qualities of mediation and moral rectitude. Still, if they are no good at dealing with legalese, they might need to gain the skills to be an adept will executor. Wills and estate planning are pretty complex, especially for someone with no experience in legal matters.
A professional:
- is a good alternative if there is no suitable relative
- may already be familiar with wills and estate planning
- is a neutral party in the situation
- can take a more objective approach
Another option is to nominate a professional such as your accountant or estate planning lawyer, to be the executor of your will. This is a helpful alternative if you can’t think of anyone from your family who would be suitable. If you need an estate planning lawyer to be the executor of your will, at P&B Law, we have many professionals on staff who can quickly fulfil this role for you. One of the prime benefits of choosing a lawyer as your will executor is that they are already familiar with the laws and procedures governing wills. They don’t have to learn a new language to play in that domain, unlike a person without any legal background. Secondly, a lawyer is a neutral party with no conflict of interest nor an existing relationship with benefactors, which means they can take a more objective approach.
For wills and estate planning trust P&B Law
When you contact P&B Law for wills and estate planning, we will match you with an estate planning lawyer with all the necessary experience to guide you through getting your affairs in order. It’s so important to get the right advice promptly to ensure you get everything in place to look after dependents and beneficiaries how you intend to.
Contact P&B Law today to start the wills and estate planning process.