Making decisions that can have a significant impact on loved ones is not always easy. When Minnesota residents are estate planning, they may worry that they will choose the wrong person to act as the executor. In some cases, the potential for family conflict over who was named could be a deciding factor.
Fortunately, individuals do not have to appoint a family member to act as their executor if they do not feel it would be best. Banks and other financial institutions often offer executor services. The institutions would charge a fee to complete the probate process on behalf of an estate, so if the estate can cover those fees, the person planning may feel that appointing a professional executor could be in everyone’s best interests.
Banks that offer this service tend to have experience in probate matters, which means that the process may go more quickly. Additionally, because the bank has no personal stake in how the estate is settled, the unbiased nature may prevent conflict. The professional executor should follow the policies set forth by the bank or other institution in order to complete the process properly.
Many Minnesota residents may find that utilizing someone outside the family may help them feel more at ease when it comes to choosing an executor. Still, it is important that any executor is appointed using the correct estate planning documents. Individuals may want to go over the pros and cons of using a professional executor with knowledgeable attorneys as they complete their estate plans.