For some people picking someone to be the administrator of their estates is an easy process of choosing a reliable family member or friend. However, people who do not have reliable family or friends need to know where to look to find an executor.
Picking someone to be the executor of your estate is an important decision. You need someone who can reliably handle the financial details in a timely manner. You also need someone who can be trusted to faithfully carry out your wishes to make sure everything goes where it is supposed to go.
The majority of people choose a close relative or a friend as an executor. But, what if you do not know anyone who you trust enough with the task?
Recently, Market Watch offered some advice for that situation in "My wife and I don't trust anyone to be executor of our will."
If you do not personally know someone who would make an appropriate executor, then you can seek the services of a professional. For example, some estate lawyers serve as advisors to executors and they are also capable of acting as executors themselves. Some banks and trust companies are also willing to administer estates.
Even though you might not know an estate attorney well, there is little reason to worry that the attorney will mishandle your estate. The attorney acting as executor is required to document everything and make an accounting for the court. Additionally, the attorney has a professional reputation to protect and maintain.
If you do not know someone who can serve as the executor of your estate, then start by asking if your Cincinnati estate planning attorney is willing to act in that capacity. Even if the answer is no, the attorney is likely to know another professional who offers the service.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Market Watch (May 31, 2016) "My wife and I don't trust anyone to be executor of our will."