Michigan residents like you spend so much time and effort on your estate. It only makes sense for your estate plan to have just as much care put into it. This ensures a relatively smooth and easy transfer for your beneficiaries.
One of the best ways to ensure a smooth transfer is by appointing a good executor. Family members often come to mind first when people select theirs, but is this always the right choice?
Professional skills executors need
AARP discusses how to choose the executor for your estate. Relatives can and do act as strong executors for some people. But your favorite family member might not have what it takes to oversee an estate.
First, your pick for executor should have professional skills suited for the task of managing an estate. The primary communication between your attorney and beneficiaries will happen through your executor. They will also discuss matters with financial advisors. As such, they should have strong communicative skills. They should also have experience working with legal and financial professionals.
Leadership skills and experience
Leadership skills also count for a lot. After all, no one will be your executor’s boss. It is up to them to manage your affairs in a timely manner. This is a huge load of responsibility. People most suited to handling it often have strong time management and organizational skills. They can also get things done without external motivation.
Sometimes, relatives have this skill set. If that is the case and you get along with them well, they will likely make a great executor. They understand your family situation, your personal life and get along with you on a personal level. But the most crucial factor is the professional skillset. A family member without these skills likely will not make for a good executor, no matter how close you are.