The old saying that “you can’t pick your family” may be true. But you can pick the executor of your estate and it doesn’t have to be a member of your family.
Sometimes, in fact, it’s better when the executor making estate planning decisions is not a family member at all.
Kevin Kaylakie, partner and president of Prime Capital Family Office, notes that the use of a family member or friend may significantly lower the cost of probate. This person should also be informed of the role, the responsibilities, and the time commitment in advance of being named in the documents. This avoids the “surprise, you’re an executor” moment for an unsuspecting family member, according to Kaylakie.
“This person should be aware they may become the focus of ire should a family member not receive what they believed to be their fair share of the estate,” Kaylakie said.
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