What To Consider When Choosing An Executor
One important part of the Florida estate planning process is determining who gets what assets of an estate. Another important part is deciding who will oversee the estate administration process. The person who oversees the administration of an estate is often referred to as an executor. This blog post will describe some things to consider when choosing an executor.
Just about anyone can be the executor of a will. Common executors include children, spouses and siblings. There are a number of qualities that an executor should have. Honesty is one of these qualities. Another is organizational skills; administering an estate can be a complex process. Finally, good communication skills are essential when dealing with multiple, sometimes impatient beneficiaries.
Another thing to keep in mind when picking an executor is intra-family dynamics. People should consider whether others may perceive it as favoritism if a certain person is chosen to be executor. This can be no small problem: Sometimes squabbling and even will contests can result if this dynamic is present.
People may be hesitant to name an executor who is also a beneficiary in a will. Although there is a conflict of interest present in the situation, a beneficiary also has an interest in preserving the assets of an estate for his or her own benefit, and incidentally for the benefit of the other beneficiaries. A completely disinterested executor would not have this incentive.
Choosing an executor is a task that requires some thought. Estate planning attorneys often can provide input to clients on who might be a good executor for their estates.
Rignanese & Associates is available to work with clients on their legal needs. Please reach out to us at 863.294.1114.
On behalf of Kelly Kennedy of J. Kelly Kennedy, Attorney/CPA, PLLC posted in Estate Administration on Thursday, May 10, 2018.