Choosing the right person to administer your will and other estate matters is as vital as creating an estate plan. After all, this individual will have access to your money and property. Therefore, even a small error or an act of intentional misuse could cause hardships for those you leave behind.
Many people assume the best way to prevent problems is to name a family member to administer their estate. Sometimes this works out well, but there is no guarantee that a relative will perform any better than someone else. It is time to learn about the potential advantages and disadvantages of keeping this responsibility in the family.
Benefits of family member estate administration
Since few people can understand your wishes better than those close to you, naming a relative can better ensures than your instructions are followed. Other possible advantages of choosing a family member include the following.
- They may communicate well with other relatives.
- They likely know about your real estate holdings and other assets.
- They probably know where to find your estate planning and other important documents.
You need to speak with your relative about the role before naming them as your executor to ensure that they want the responsibility and that they understand their duties.
Potential drawbacks to consider
Your family members, including your named executor, will likely be experiencing grief over your death. In some cases, these intense emotions can interfere with the proper administration of an estate.
Other possible disadvantages include the following:
- A relative being in charge may be more likely to spark family infighting.
- There may be resentment over perceived favoritism.
- Others may not respect a family member executor.
You have several options when selecting your estate executor. You may choose a family member, a close friend or a professional trustee to administer your estate. Learning more about California estate administration can help ensure that you make a well-informed decision.
