It's a vital first step to long-term peace of mind: creating an estate plan. But no matter how thorough your estate plan is, choosing the right person to carry out your final wishes is essential. It can be challenging to pick an executor who can file paperwork on time and handle potentially volatile family relationships. Here are some recommendations that may help with such a weighty decision.
What is an executor?
An executor is the person appointed in the will to manage the estate, deal with the probate court, pay outstanding debts, collect assets, and distribute the estate according to the provisions of the will. This person in essence becomes a personal representative of the deceased. The executor is overseer, manager, distributor, and possible peacemaker in the execution of your estate plan.
What qualities are important?
Family members and friends who have demonstrated that they are trustworthy, honest, conscientious, and good with people are the best candidates. The executor can always hire an accountant or lawyer if the need arises. That also requires maturity. Most states help with this by restricting service as an executor to adults 19 years of age or older and without felony convictions. Outside professional executors are easy to find; they work for a fee.
You may also want to consider where your executor lives. An executor may need to spend a significant amount of time working with the courts in the deceased's area. If you feel that an out-of-state executor is the best choice, be sure to research your state's requirements before taking that step.
What else should I know before I ask someone?
Bear in mind that you may be asking someone to commit months or even years to handling your affairs. Glen Curtis at Forbes.com reports, “This includes making a list of all bank, brokerage, and retirement accounts, as well as any property the deceased owned. Additionally, an inventory of personal effects, such as collections, antiques, or other valuables, must be tabulated and presented to the probate court for review.” That's just the beginning. Honesty about the responsibility and amount of work involved in your particular plan is critical. Though it is largely a labor of love, compensating your executor may be the best way to say thank you. “Executors are not obligated to serve on your behalf, and many lawyers recommend you include in your WILL that the executor can pay themselves. You should also cap the amount they are allowed to pay themselves,” says Sarah Wilson at eHow.com.
A good executor's actions can mean the difference between an unnecessarily lengthy probate process and the timely distribution of assets. Most importantly, he or she can help provide peace of mind at a time when it's needed the most.
Sources:
Curtis, Glen. “Choose the Right Executor,” Forbes.com; May 2, 2007.
Wilson, Sarah. “How to Choose the Executor of Your Estate,” ehow.com; Ehow Inc.
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FAQs
5 Tips for Choosing the Right Executor
- Choose Someone Who is Qualified. California law places very few limits on who can act as an executor. ...
- Choose Someone That is Responsible. ...
- Choose Someone Who is Honest. ...
- Choose Someone That Others Will Not Challenge. ...
- Make Your Choice Known. ...
- Your Partner For Success.
If you do not agree with how the executor performs any of their duties or oversees the affairs of your loved one's estate, you may be able to take legal action. However, the best thing to do before initiating removal proceedings is to communicate with the executor and make your complaints known to them.
Why is it important to name an executor in your will select the best answer below? ›
This document outlines your final wishes, and you must name an executor to carry them out. The executor is responsible for gathering the deceased person's assets and safeguarding them until the distribution process is completed.
Which child should be executor? ›
The eldest adult child is typically the choice to be executor for many parents, but she or he may not be able to handle what can be the tedious, time-consuming and complicated task of settling an estate.
How many executors is best for a will? ›
In most situations, it's not a good idea to name co-executors. When you're making your will, a big decision is who you choose to be your executor—the person who will oversee the probate of your estate. Many people name their spouse or adult child. You can, however, name more than one person to serve as executor.
What not to do as an executor? ›
Here are key restrictions on what an executor cannot do:
- Personal Benefit and Self-Dealing. Executors cannot use their position for personal gain or engage in self-dealing. ...
- Disregarding the Testator's Wishes. ...
- Ignoring Debts and Taxes. ...
- Failing to Notify Beneficiaries and Heirs.
First, find the latest will
If you think the person left a will, your first task will be to track down the latest version. This is usually a relatively easy step, but an important one. Be prepared to have to dig through paperwork, and also to deal with surprises and challenges during this part of the process.
What mistakes does an executor make? ›
Top 10 executor mistakes to avoid (& how to avoid them)
- Missing deadlines.
- Failing to give proper notice.
- Not securing estate assets promptly.
- Not taking thorough inventory.
- Distributing assets without court authority.
- Forgetting to keep detailed records.
- Forgetting to retrieve mail.
- Not communicating with beneficiaries.
The role of an executor of a will is an important one that carries significant responsibilities and obligations. Executors have legal authority and power over the estate of a deceased person and are responsible for managing the assets, paying debts, and distributing property to the beneficiaries according to the will.
What happens when beneficiaries disagree? ›
If the beneficiaries disagree with the decision of the personal representative, they can file a motion with the court to ask the court to reconsider the decision.
An executor can also be someone you've named as a beneficiary in your will. The role of an executor is a serious one which carries a lot of responsibility. When choosing your executor or executors you need to bear this in mind. It should be someone you trust to carry out this work.
Is it a good idea to have 2 executors? ›
Oftentimes clients want to make two or more of their children co-executors. Usually, this is done to avoid the appearance of picking a favorite. Unfortunately, it is almost always a bad idea to name co-executors over a probate estate .
Can an ex wife be an executor? ›
Most wills include language that revokes all previous wills. As noted above, in most states if you get a divorce and do not update your will, your ex-spouse will be treated as if they have predeceased you and thus will not be given assets or be able to be the executor of the will.
Should your spouse be the executor of your will? ›
Typically, spouses name one another as executor of each other's wills. But you should also name another person or corporate trustee as a successor in each will. Also worth noting is a mirror will leaves all of your estate to the surviving spouse, after specific distributions to named beneficiaries.
Should you have one or two executors of a will? ›
People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
Should the executor of a will be local? ›
Don't Worry: Location Usually Does Not Matter
Yes, he or she may prefer to make an in-person visit to your house to ensure your personal property is distributed and to meet with your estate's attorney, but many of an executor's tasks can even be done without ever coming to your town.
Why is having a fair and impartial executor important? ›
Executors of California estates have a duty to carry out their duties impartially and fairly to all beneficiaries. When an executor exhibits bias, this can be very dangerous to beneficiaries who could be denied some or all of their inheritance.
