Considerations To Keep In Mind When Choosing An Executor
Traditionally, individuals choose family members, often their spouses and children, to handle their affairs after they pass away. This practice is based on the widespread belief that you can trust your family to help you during life’s most challenging times.
On one hand, choosing one of your children as an executor or trustee has advantages: It is free, it is convenient and it keeps decision-making in the family. On the other hand, there is inherent stress in fulfilling these roles, which can turn into full-time jobs. Also, conflict between family members is not uncommon when one individual is perceived to have more power.
For these reasons and others, it may be in your best interest to use a professional (for example, a local bank or trust company) as an executor or trustee. This would enable your loved ones to grieve and attend to their own lives and families after you pass away.
Assistance With Essential Estate Planning Issues
At Rice & Quattrone, PC, located in Cherry Hill and Linwood, we have been helping clients with important estate planning issues since 1991. Our attorneys can help you make decisions about executors, trustees and other important roles.
In the meantime, we recommend that you consider the following questions:
- Do my kids have the skill sets (and the time) needed to serve as an executor or trustee?
- Am I worried that my kids could fight about the estate?
- Is this something I want to saddle my children with?
- Am I aware of what the role of executor entails?
Every situation is different. Seek proper legal advice if you have concerns about estate planning matters.
Contact Us To Discuss Your Estate Planning Concerns
Our attorneys at Rice & Quattrone, PC, are admitted to practice in New Jersey and Pennsylvania. We serve residents of those states in a variety of estate planning matters and as the local representatives for out-of-state executors and beneficiaries of wills and estates in New Jersey and Pennsylvania probate courts.
Do you have questions about choosing an executor of an estate? Contact us online for answers from one of our experienced estate planning lawyers. You can also reach us over the phone at 609-398-3447 or 856-673-0048.