Naturally, many people want to turn toward those who know them and their family situation best. In most cases, this is another member of the family.
However, a person does not have to choose a family member to serve as their executor. In fact, in some cases, another person might suit the role better.
Can they handle the responsibility?
Forbes talks about the process of choosing an executor. First, understand that not everyone is up to the task. Being an executor is an immense amount of responsibility. This person will essentially run a decedent’s estate and must keep in close contact with all other estate professionals, such as attorneys and financial advisors.
They also need the emotional stability necessary to handle their own grief and still function in a highly demanding role. Unfortunately, people who will need time to themselves to heal and recover from this loss may not make for the best option regarding executor choice.
Are there conflicting interests?
There is also the possibility of conflicting interests existing. No matter how well-intentioned an executor is, it is possible for them to get tripped up, distracted or even make poor decisions due to conflict of interest. This is especially true if they have anything to gain or lose in the estate if certain decisions are made, which might influence their own decisions.
In the event that a family member is not the best option, a person can instead turn toward their wider circle of friends, distant relatives and other loved ones. Even a spouse or significant other could potentially serve as an executor, as long as they meet the aforementioned requirements.