Choosing an executor is one of the most important decisions you’ll make when creating your estate plan. This person—or, in some cases, a professional organization—will be responsible for carrying out the instructions in your will, managing important financial and administrative details, and helping guide your estate through the settlement process. Understanding an executor’s duties and the qualities of a good executor can help you select someone who is prepared to handle the responsibility and make the process easier for your loved ones.
Responsibilities
The right executor will ensure the prompt, accurate distribution of your possessions while minimizing family friction. They are responsible for the following:
- Filing court papers to start the probate process, which generally is required by law to determine the will’s validity.
- Taking an inventory of everything in the estate.
- Using your estate’s funds to pay bills, including taxes and funeral costs.
- Handling details like terminating credit cards and notifying banks and government agencies like Social Security and the post office of the death.
- Preparing and filing final income tax returns.
- Distributing assets to the beneficiaries named in the will.
Ideal candidates
Given all this responsibility, the ideal candidate should be honest, dependable, well-organized, good with paperwork, and vigilant about meeting deadlines. It also will be useful if the person is a born communicator. Your first choice likely will be a valued family member: a spouse, a sibling, or child. Although you likely want to avoid the possibility of anyone construing favoritism, it’s difficult to keep people from reading into your decisions and judgments. However, if you make a practical choice, your decision will speak for itself (e.g., if your youngest sibling is a lawyer, it will be clear why you selected her to be your executor).
If there’s not an obvious family member to choose, you may consider turning to a trusted friend, ideally someone who is in good health or someone younger than you who will likely still be in good health after your passing.
At least one of the people you’re considering as executor may live in another state, so check your state’s laws for any special requirements. Some states require an out-of-state executor to be a family member or beneficiary, post a bond to protect your heirs against mismanagement, or appoint an in-state agent. Additionally, if the person you choose ultimately needs help settling your estate, there’s no shame in turning to an attorney or tax professional for guidance, with the estate covering the cost.
Third-party executors
If you are concerned that you don’t have a friend or relative you feel comfortable doing this important job, you can name a third-party executor like a bank, a trust company, or a professional who has experience dealing with estates. For help locating a third party, consult the National Association of Estate Planners and Councils (naepc.org) or the National Academy of Elder Law Attorneys (naela.org). These great resources provide directories on their websites to help you locate the right executor.
Although family members and close friends serve for free, third-party executors will cost the estate. Executor fees are set by each state and typically run anywhere from 1 to 5 percent, depending on the size of the estate.
Final thoughts
As you consider your options, remember that you will need that person’s approval before you can name anyone as executor in your will. Ensure that they know where you keep important documents and your financial information. This will make things much easier when it’s time to settle the estate. It’s also important to always have an alternative in mind. If your first choice declines the responsibility after your death, the court will have to choose an executor on your behalf. It’s wise to name potential alternatives in your will.
If you have questions about the best way to make this difficult decision, our Estate Planning team is here to help. Contact us today to learn more.
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