The choice of an executor for your estate should be part of a comprehensive estate planning strategy, but for some initial consideration on this important choice, an article in the New York Times yesterday examines some of the benefits and drawbacks of various options.

The article notes that the first person most people think of to serve as an executor is family member such as a spouse or child. One advantage of choosing a close relative is that they are more likely to have a good understanding of what assets they will be working with when they are managing the estate. Also, depending on that relationship, they often have a good understanding of what your intentions would be if any issues arise during the administration of the estate.

One issue that can arise when choosing a spouse and close friend is that if you live a long life, the person you choose may also be of advanced years by the time their services as executor are required. For some, this may no longer be a responsibility for which they are as well suited.

Another option is to choose a professional such as an attorney or an accountant. A benefit to this option is that they may better understand the financial, legal and tax considerations that could affect your estate. For example, in the last few weeks we highlighted the changing landscape of estate and inheritance taxes. Few people who are not tax or legal professionals have the time to keep abreast of the best strategies to avoid negative tax consequences and ensure the estate is processed smoothly. Even if you decide to name a friend or family member they can still consult with a professional if they find that they need some guidance administering the estate.

Source: New York Times "Choosing the Right Executor for Your Estate" DEBORAH L. JACOBS, March 2, 2011