Choosing the right executor for your will is important. This is someone who has to make sure that your final wishes are honored. You should choose someone who you trust, which is why some people choose someone who is also a beneficiary. Can this cause problems or conflicts of interest though? There are some potential drawbacks to consider, and a Washtenaw County wills attorney can tell you more.
Are There Potential Drawbacks to Making a Beneficiary My Executor?
Making your beneficiary an executor could potentially cause conflict. If you are putting one person in a position where they dole out their own inheritance and everyone else’s, that can cause drama if there was already friction between family members or if the assets are not being distributed equally. Is your potential executor ready to handle this?
You also don’t want to overburden someone. Grieving the loss of a loved one is obviously difficult, and adding on the responsibility of an executor role can be too much for some people. Grief can interfere with the process and potentially cause legal process, so you should talk to someone before just expecting them to step into this role.
Are There Potential Benefits of Choosing a Beneficiary?
All that being said, there are still some good reasons to make a beneficiary your executor. Benefits include:
Trust: Your executor should be someone you trust. If you’re leaving assets behind for someone, they are presumably a close friend or family member who you know well. This is someone who you can probably trust to make sure that your final wishes will be honored.
Personal investment: A beneficiary has a stake in your estate, so you can argue that they will have a vested interest in making sure that everything goes well when it comes to the probate process and assets being distributed. A neutral executor with no stake in your estate may not be as concerned about the process.
So there are many good reasons to choose a beneficiary to be your executor. It’s important to consider such things on a case-by-case basis though. You might have a beneficiary who is a great fit for this role, but you also want to make sure that you don’t stick someone with this responsibility if they do not want it or cannot handle it.
Who Else Can Be an Executor?
If you decide not to choose a beneficiary, you can choose someone else you know who does not have a stake in your estate. You can also opt for a professional like a lawyer or accountant. Someone like this could be seen as neutral, and that could cut down on any potential family drama surrounding your estate. If you’re worried that inheritances are going to cause
Talk to a Lawyer Today
If you want to learn more about wills and estate planning, contact Collis, Griffor & Hendra. We can schedule a consultation and tell you more about what our legal team can do to assist you as you make a plan of your own.
