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Tuesday, February 5, 2019

Choosing an Estate Executor in Michigan

Estate planning is essential, especially for individuals who are retired or nearing retirement. And to ensure that your wishes are properly carried out, it’s important to choose the right estate executor. Your estate executor, who is an individual specifically appointed to manage your estate in the event that you become deceased or otherwise incapacitated, should be someone you can trust. Below are some tips on choosing an estate executor in Michigan. 

When possible, go with legal or financial experience

Although your executor doesn’t need to be a lawyer or financial professional, it is advisable that you choose someone who has at least some experience in both areas. However, if your executor has no legal or financial experience, he or she should be willing to seek legal and financial advice from professionals when carrying out his or her duties. 

Choose someone you trust

You should have no reservations regarding the trustworthiness of your estate executor. After all, the individual you choose as executor will have power over the administration and dispersion of your property, so you must be very sure that he or she is someone you trust.  

Choose someone who has time to allocate to your estate

It takes time to administer an estate. Therefore, your executor should be willing and able to make a significant time commitment to your estate. Questions to ask yourself when examining this issue include:

  • Does the potential executor have a full-time job?
  • Is the potential executor in school?
  • Does the potential executor have family responsibilities? 

Choose an executor with the ability to resolve conflicts 

Unfortunately, an estate can become a source of conflict within a family and between beneficiaries. Family members and beneficiaries often argue over the distribution of property, and it is up to the executor of the estate to calm such conflicts. Therefore, when choosing an executor, you should make sure that the individual you are considering is skilled in the area of conflict resolution. This doesn’t mean that he or she must be a professional in this area, however. An executor with a calm demeanor and the ability to deal with people during stressful situations should be sufficient. 

Michigan Estate Planning Attorneys

Estate planning can be complicated, and it’s easy to overlook important steps when attempting to navigate the process by yourself. Whether you are choosing an executor, drafting a will, or are in the early stages of estate planning, we highly recommend that you consider contacting an experienced Michigan estate planning attorney to discuss your options. Establishing an estate plan is imperative if you wish to protect yourself and your loved ones. Proper estate planning not only puts you in charge of your finances, but it can also significantly reduce the expense, delay, and frustration experienced by your family upon your passing or incapacitation. If you’d like to begin the estate planning process, please contact one of our experienced Michigan attorneys for a consultation. 

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