Mistake #3. Choosing the Wrong Executor/Power of Attorney
Most people choose the executor to be someone they "trust the most" or "love the most", but there are other important factors to consider when selecting the estate executor/power of attorney - age, knowledge, professional and communication skills, the ability to be impartial, etc.
It is important to talk to the person you want to name as the executor to make sure that person is prepared and willing to do the job if you pass away.
Potential negative consequences:
1) The main responsibility of the executor/power of attorney is to make sure that what the deceased wanted to happen, happens. If the executor/power of attorney is ill-prepared for this job, unnecessary delays, errors in judgement, and needless suffering by the parties involved could happen.
2) Greed or grief could cause a person of weaker character to take unfair advantage of the powers granted to them.
In our next blog post, we will discuss common estate planning mistake #4.