There will be a great amount of wealth transferred to younger generations in the next 20 to 30 years. Many of those receiving an inheritance will have never experienced wealth themselves. Taking steps to prepare your beneficiaries to understand the difficulties involved with their newfound wealth is an important consideration in your estate planning. One very key decision to make will be choosing the executor to oversee the estate settlement process.
Many years ago, I read the following poem that illustrates the unintended consequences of appointing an inexperienced friend or family member as executor of your estate instead of a professional.
THE EXECUTOR
I had a friend who died and he,
On earth so loved and trusted me,
That ere he quit this earthly shore,
He made me his executor.
He tasked me through my natural life,
To guard the interests of his wife,
To see that everything was done,
Both for his daughter and his son.
I have his money to invest,
And though I try my level best,
To do that wisely, I'm advised,
My judgment oft is criticized.
His widow once so calm and meek,
Comes, hot with rage, three times a week,
And rails at me, because I must,
To keep my oath appear unjust.
His children hate the sight of me,
Although their friend I've tried to be,
And every relative declares,
I interfere with his affairs.
Now when I die I'll never ask,
A friend to carry such a task,
I'll spare him all such anguish sore,
And leave a hired executor.
By Edgar A. Guest
Sometimes naming a friend or family member might not be the best choice to serve as executor. Naming a professional executor can also give the beneficiaries one less problem to stress about during a difficult time.
