An executor will handle the vast majority of your estate affairs after your death. For that reason, you certainly want to pick the best possible option available.
Most people, perhaps including yourself, will lean toward selecting a relative to serve as executor. But is this the best option?
The first important category
CNBC discusses ways of deciding who fits your estate plan. First, you want someone that you can understand, who holds similar ideals to you and who you trust to carry out your wishes. The person you choose should have an ability to think from your perspective and make decisions you would agree with. In most cases, a relative serves as the perfect example of someone who fits this category.
The second important category
But a relative may not fit the second, equally important category. An executor also needs to have professional skills because of the responsibility the role entails. They need to be punctual, organized, timely and dedicated. They should have some experience dealing with lawyers or financial professionals. They should be leaders who can get things done without much or any guidance.
They also need a level of emotional stability. After all, it is their job to deal with your other grieving loved ones, even if they are also in the midst of the grieving process. They must speak to everyone kindly while also ensuring that they fulfill their duties and distribute assets as needed.
Unfortunately, relatives do not always live up to these specific expectations. In these cases, it is important to really examine if they will serve as a good executor for your estate.