An executor is responsible for ensuring your assets are distributed according to your wishes — a responsibility that introduces an element of legal and financial exposure. So choosing an executor is a serious decision. The person you select should have strong skills in at least some, if not all, of the following.
Qualities to Look For
The potential executor should have organizational capabilities. These include the ability to act responsibly, to follow schedules, and to understand financial matters. This does not mean that your executor has to be an expert in everything or fulfill all responsibilities personally. Executors can hire professionals — lawyers, accountants, real estate agents, and even cleaning services — to help with different aspects of the estate. However, executors must manage the process in a timely and ethical manner.
The potential executor should be in good health. Update your will if your chosen executor becomes unable to do the job or passes away.
Location is an important consideration. It is easier for an executor to administer the estate if they live close to your residence and physical possessions.
The potential executor should have a good credit rating. It is delicate to ask about this while you are making your choice, but it may help to explain that an executor bond may be required. The bond guarantees that the executor will administer the estate according to your will and the law, and it ensures that assets go to the beneficiaries. Someone with a less-than-solid credit rating could have difficulty and additional expense in obtaining the bond.
The potential executor should have solid communication skills. Executing your will can be difficult. Heirs and other interested parties may become anxious if they don’t know what’s happening. It can be very helpful if the executor can communicate well to keep everyone calm and satisfied.
Above all, the potential executor must be honest. Having fiduciary responsibility means acting ethically and following all applicable laws. Government agencies may have to be notified. Your executor may need to empty and sell your residence, settle your debts, file your taxes, and distribute your assets to your heirs. All this exposes the executor to legal and financial risks. Failing to act can bring stiff penalties, including, in extreme cases, jail time.
Who’s right for you?
It’s a common practice to choose an adult child or a sibling to serve as executor. Some people select a parent or an aunt, or an uncle. Talk with several possible executors to ensure that they not only meet the criteria above but also understand what the role entails. It’s not an easy job and may involve many hours of work, though it’s a job they may be honored to do for you.
It is a good idea to name alternate executors if your choice is unable or chooses not to serve. This approach ensures that someone you trust and believe can handle the responsibilities will manage your affairs. Another option is to name multiple executors. This approach can help include all your children and spread out the burden of executorship.
Don’t dismiss the idea of having a professional serve as your executor. Professionals understand the process and follow all applicable rules. Of course, a professional might not care as much about your legacy or your heirs as a close friend or family member would. Additionally, they expect to be paid for their work.
In many states, nonprofessionals also may be paid a fee. Approaches to fees vary. Sometimes it is a percentage — maybe 1% to 5% — of the size of the estate; sometimes it is an hourly rate or a flat fee paid from the estate’s assets. Nonprofessional executors may also choose to waive payment either out of respect for you or for their future relationships with your heirs.
Supporting Your Executor
It is a good idea to prepare prospective executors for the role; share resources with them so that they can learn about the responsibilities. When an individual agrees to serve, modify your will to explicitly add their name. You may give the newly chosen executor a copy of your will or disclose its location for when the time comes. By making a considered decision about your executor and providing that person with the estate particulars, you will help ensure a smooth transition after your death.
Our experienced attorneys can help you navigate these tough issues when creating your plan. Reach out to our office today to see how we can help your family and leave a legacy of peace.
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