DIY or Pro? Knowing Whether to Hire an Executor for Your EstateJul 18, 2023
By D.S. Moss
When it comes to making decisions about our assets after we are gone, things can get a little complicated. One important decision we have to make is who is going to be in charge of handling our estate. Are you going to leave the responsibility to your family and friends or are you going to hire an executor? Let's face it, there's no time like the present to make these decisions. In this blog post, we're going to take a deep dive into everything you need to know about hiring an executor, as well as considerations to keep in mind if you decide to let your loved ones do it.
What is An Executor?
An executor is a person who will handle the affairs of your estate after you have passed away. Their job is to ensure that your final wishes are carried out and that your beneficiaries receive the assets that you have left behind. This person will be responsible for handling your funeral arrangements, paying any outstanding bills or debts, and distributing your assets accordingly.
The Advantages of Hiring an Executor
There are several advantages to hiring an executor. For starters, they will have a clear and impartial view of your estate. This means they will be able to make important decisions without being influenced by emotions that your loved ones may be feeling. Moreover, they are professionals and will ensure that everything is handled with utmost responsibility, expertise, and legalese. This is particularly helpful if you have a complex estate. Hiring an executor takes the responsibility off your family's shoulders and reduces the chance of conflicts arising between loved ones.
The Advantage of Choosing Friends or Family as Executors
There's no doubt that your family and friends know you better than anyone else. This can be an advantage if you decide to appoint one of them as your executor. They may be more familiar with your final wishes, which can make for a smoother transition of your assets. Moreover, this can serve as a way for loved ones to feel closer to you even after you have passed away.
The Disadvantages of Choosing Loved Ones as Executors
One of the downsides of appointing friends or family as executors is that it can often lead to conflicts. In some cases, family members may disagree on how to divide your assets or may disagree with your final wishes. This can lead to long-lasting conflicts among your loved ones. Additionally, it can be a huge responsibility, and they may feel overwhelmed by the task at hand.
Who Should You Hire as Your Executor?
Deciding whether to choose friends or family as executors or hire a professional can be a difficult decision. The ultimate decision will depend on your specific situation, but it's important to weigh up the pros and cons of each. If you have a complex estate, or if you want to avoid the potential for conflicts among your loved ones, then hiring a professional executor may be the best choice for you. On the other hand, if you have a small, simple estate, and your family can handle the responsibilities, then it may make sense to choose a loved one.
In conclusion, deciding who to appoint as your executor is a personal decision. While it can be a tough choice to make, it's essential to consider the advantages and disadvantages of each option carefully. If you decide to hire an executor, be sure to choose someone who is impartial, experienced, and trustworthy. Ultimately, the goal is to ensure that your final wishes are fulfilled, and your assets are distributed in a fair and efficient way.
End of Life Planning Made Easy with D.S. Moss | Starting Point
Take control of your end-of-life planning and discover how to live deliberately and with purpose today! Ready7 Plan helps you protect your family, gain knowledge, and keep mindful of mortality with D.S. Moss's easy tips.
SUBSCRIBE TO STARTING POINT'S WEEKLY LIFE LESSONS
We hate SPAM. We will never sell your information, for any reason.