Choosing an executor for your will is not a decision you should take lightly. Once you pass away, your executor will have the authority to sell your property, bring lawsuits, review medical records, and distribute your assets. Picking someone you can trust—let alone someone who is capable of filling out and filing the paperwork—can seem like a daunting task. Here are some tips to point you in the right direction.
What Does an Executor Do?
First, it’s important to understand what an executor is. An executor is appointed in a person’s will to be the manager his or her estate. Duties include dealing with the probate court, paying outstanding debts, collecting assets, and distributing the estate to beneficiaries and creditors. In addition to representing the deceased’s estate in legal matters, the executor also handles sensitive family matters relating to the estate.
What to Look for in an Executor
Executing a will is a sensitive and highly personal endeavor, so the natural choice for an executor is someone you can trust. Trustworthy family members and friends are strong candidates because of their close connection to you. If your chosen executor is of the utmost integrity, but is lacking legal or financial knowledge, he or she can always hire a professional for guidance, such as an attorney or an accountant. If you do not have any family members or friends who are trustworthy or adequately responsible, you can opt for an attorney, accountant, bank, or trust company to serve as your executor. This usually involves a fee.
The executor of your estate should be responsible and in good financial standing. Aside from being able to manage your assets efficiently, the executor may need to be eligible for bonding. Bonding is an insurance required by some courts to pay beneficiaries in the event the executor disappears with the estate’s funds. Individuals with no credit history, those who have declared bankruptcy, and those with numerous creditors or liens are not likely to manage your assets well, or to get bonded.
Don’t appoint someone who is likely to be disqualified. Non-U.S. citizens living outside the U.S. are usually ineligible, and convicted felons are almost certain to be disqualified. Minors also cannot serve as executor, and many states have age restrictions that disqualify adults under the age of 19. Choose an individual whose role is unlikely to be challenged by family members or the court.
Other Considerations
While you don’t want to name an executor who is still in high school, it’s not a bad idea to name at least one young successor executor. Many estates are probated using a will that is 30 to 40 years old. In that time, it’s possible that the nominated executor may have become unfit to serve or passed on as well. Appointing a successor who is young, healthy, and likely to outlive you helps ensure that someone you know and trust will be making decisions about your estate.
Finally, when considering an executor for your estate, it’s important to acknowledge that probate can be quite a bit of work. The executor will need to commit to handling your affairs for months (if not years) and could also face a variety of challenges, from various court requirements to clearing out your storage unit. Make sure your appointee understands the time and effort that will go into his or her duty as executor.
Choosing an executor is a big decision. It’s important to choose someone that is capable, responsible, and trustworthy. If you have questions about choosing the right executor, or believe a family member may have chosen someone unfit for the job, we can help. Call the attorneys at Gaslowitz Frankel for a free consultation.
