Many people think that the job of being an executor for a friend or family member is more an honor than it is real work. Not true. The job can be very difficult, time-consuming and can strain relations with beneficiaries.
Choose your executor carefully. If you choose an individual, that person should have some business, legal or financial experience. They should be detail-oriented and have time available to spend on the job. If you don’t have a friend or family member who meets this description, it may be best to choose a corporate executor, such as a bank or trust company. A corporate executor will charge a fee but will do a careful and professional job and relieve your friends and family members of the responsibility. [Read more…]