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Should you rely on a relative to be your executor?

| Oct 6, 2020 | Estate Planning |

As a resident of New Jersey working on your estate plan, you have many things to consider. One is who you want to serve as the executor for your estate. This is a crucial component and one of the most basic building blocks of your entire plan.

You may thus wonder who makes the best choice for your executor. Should you pick a family member? For some people, the answer may be no.

The importance of your executor understanding you

HuffPost discusses different qualities you should examine when searching for the right executor. One of the first things people consider is that they need to have someone who understands them. This person should share similar morals and know where they are coming from. This leads them to appoint close relatives as their executor. In some cases, this works out well for everyone.

Professional skills an executor should have

In others, it does not. After all, there are multiple aspects that an executor should fulfill outside of their personal relationship with you. For example, they should have some level of professional skill. They should have leadership skills and organizational skills. A bonus is the ability to communicate well with others. It also helps to have experience with financial advising experts.

Finally, your executor should have the time needed to dedicate to handling your estate. Probate is a long process that can last years. If your executor plans on moving or starting a family or a business venture, they may not be the right fit.

Sometimes, the family member you have in might fits all of these criteria. But if they do not, you can always look outside of your family and into your other loved ones instead.