When creating an estate plan, you need to appoint someone who will take your will to probate and ensure your wishes come true. Executors have crucial duties, making them an integral part of your plan. So, do you need to have a close relationship with them? Yes and no.
Here is what you need to know.
You can choose a loved one or not
It’s beneficial to have an existing relationship with your executor. Your estate plan is sensitive; therefore, you need someone you trust. You can appoint a relative or a close friend.
However, you can also hire an executor. This is a party you are not close with – they are professionally equipped to serve as executors.
Regardless of the party you choose, you will develop a relationship afterward. While an existing relationship is not mandatory, it’s crucial to establish one after the appointment. You will meet with your executor severally to discuss estate planning matters. You will inform them when you update your plan, the location of your documents and so on. Thus, it helps to have a relationship with them.
You should consider crucial factors
While closeness may be needed or not, you should consider crucial factors in the party you choose. They include:
- Reliability
- Financial stability
- Impartiality
- Organizational skills
- Willingness to accept the role
A party with these qualities will serve as you expected and can even surpass your expectations.
Choosing an executor for your estate plan is one of the critical decisions to make. You should choose someone who has the required characteristics. An existing relationship is a plus, but it should not be the primary determinant. It will help to get legal guidance to make informed decisions.
