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Metz, Bailey & McLoughlin, LLP provides
customized estate planning and
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throughout Ohio

 

Attorneys For Today, Counselors For Life

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Attorneys For Today, Counselors For Life

Attorneys For Today, Counselors For Life

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Metz, Bailey & McLoughlin, LLP, LLP provides customized estate planning and business law services to clients throughout Ohio

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Should you pick a family member to manage your estate?

On Behalf of | Jun 2, 2022 | estate planning | 0 comments

Managing an estate plan is a difficult task that requires a lot out of an executor. Because they will handle many personal and important matters to you, it is natural that you will want to lean toward a family member that you love and trust.

However, this is not necessarily your best option. But why is that the case?

The duties of an executor

Executor.org lists the duties of an executor. In short, they will essentially act as the sole organizer in your estate affairs after your death. They will organize your funeral, including handling how you want your body treated.

They will manage your estate assets. This includes using the assets to pay for the funeral, managing your debts, handling your final taxes, and making sure that they continue paying necessary bills. It also means identifying and ending any bills that are no longer necessary, such as magazine subscriptions or internet services.

They also work as the line of communication between your beneficiaries, as they hand out the remaining assets after the estate itself has gotten taken care of. They must communicate with members of your legal team as well, along with financial managers or accountants.

Skills an executor needs

In short, they need to have the ability to communicate well, stay on task and focused, manage his- or herself, stay focused, finish things on time and interact with others in a prompt and professional way.

Not every family member, no matter how much you love or trust them, can step up to the plate in all of these important aspects. Thus, you may want to reconsider if your family member does not fit the bill.