Many people in Illinois assume that the easiest part of estate planning is choosing a person to manage their estates. An executor is a person who is responsible for settling an estate after a person dies. It is a big responsibility that should not be given lightly, states Investopedia.com. It is not uncommon for some people to choose someone close to them like their spouses and children. But there are circumstances where it may be necessary for them to consider other individuals.
Here are some factors they should consider so they do not choose the wrong people to manage their estates.
Conflict of interests
Not everyone can rely on their close family member to manage their estates in a manner that honors their wishes. Bad relationships, estrangement issues and anyone who seeks to benefit for personal gain are factors that testators should consider about each potential executor. It is in their best interests to choose someone who is not a beneficiary or seeks to benefit from their deaths. Testators may find it beneficial for them to choose a professional trustee or executor for their estates if there are not any family members or close friends suitable for the position, states Schwab.com.
Death tends to bring out the worse in some people. It can also cause them to squabble over a loved one’s estate. An executor who has a good personality, is flexible enough to deal with different types of people and situations and is not easily swayed or manipulated by others can help to minimize conflicts and the time it takes to settle an estate.
People should take the time to carefully choose their executors. They should also routinely review their choice of trustees to ensure all decisions are carried out in accordance with their final wishes.