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Is a family member your only choice for an executor?

| Jul 8, 2020 | Estate Planning |

Florida residents like you spend so much time and energy on your estate in life. It makes sense that you want it to stay secure after you pass. Because of this, an executor is one of the most important figures in your estate plan. 

You may think that a family member is who you should lean toward when making this decision. But that is not true. In some cases, a family member may not exist as your best option. 

Personal compatibility vs. professionalism 

Forbes discusses some of the signs to look for in good potential executors. There are two categories of factors to look into. The first is personal compatibility. The second is professionalism. In terms of compatibility, it is important to get along. After all, this person acts as your representative when you cannot represent yourself. You should have similar morals and values. 

Next, they should have some level of professional skills. They should excel with organization. It helps if they managed big projects in the past, even if they did not lead on their own. Having experience with handling other people is a must. They should know the pressures of deadlines and work well with them. 

Having the time to manage an estate 

Finally, they should have a decent amount of free time ahead. Probate takes years in some cases. If your choice of executor has any big plans coming up, they may not suit your needs. This includes plans for starting families or businesses. 

Unfortunately, family members do not always fit the bill. Sometimes, a family member may not possess the right professional skills. You may not get along with all of them, either. In these cases, it is better to pick someone who is not a family member.