Choosing a bank to serve as executor for your estate has its advantages and disadvantages. In most common estates, people will choose a trustworthy, organized person to serve as executor of their estate. However, this is not always the case. In some common estates, people will choose a bank to serve as executor for the following reasons:
- There are no family members in the area that have the traits to serve as executor as described in the article Choosing the Right Executor to Administer Your Estate.
- To keep family harmony by avoiding disputes among family.
- Allow family members to grieve without the stress of administering an estate.
Although these are all valid reasons for choosing a bank as executor, you must give careful consideration to the advantages and disadvantages of such a choice. Without proper consideration, you may make a choice that could prove costly to your estate.