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Do you need a personal or professional executor?

On Behalf of | Jun 12, 2024 | Estate Planning

You can name a loved one (a family member/a friend) or professional as your executor. Both of these options have pros and cons. The right choice will depend on your preference.

Here is what to know about a personal and professional executor:

A personal executor

Having someone who knows you well and vice versa administer your estate can give you peace of mind. Since you have a personal connection, they are more likely to make decisions that complement your wishes in addition to following the ones you include in your estate planning documents.

Further, due to this connection, you can trust that your executor will be personally invested in administrating your estate. 

Besides, it can be more affordable to have a personal executor. You will still fairly compensate them, but you may avoid certain expenses because they don’t operate a business.

A professional executor

Choosing a professional executor, such as an attorney, a bank, or a certified public accountant (CPA), offers numerous benefits. Firstly, professional executors have the knowledge and experience to administer estates without difficulties. You can save a loved one from the complexities of serving as an executor when you appoint a professional.

Additionally, since they don’t have a personal relationship with any beneficiary, they can be more impartial. While you should also pick a fair personal executor, they can have a difficult time during conflicts. Therefore, if your estate plan is likely to create family tension, consider picking a professional executor.

It can be costlier to work with a professional executor, but the benefits you and your loved ones reap can be worth it.

Choosing the right executor can take time. Learn more about your options to make informed decisions.