How to Select an Executor for Your Will
Selecting the Right Executor: Essential Tips for Your Will
Every person needs a will, even those who own nothing more than the clothing on their back. 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. How should you go about choosing the executor of your will? What should you look for when doing so?
Tips for Choosing an Executor
You may feel overwhelmed when the time comes to choose an executor. You don’t want to hurt anyone’s feelings, but never make this decision based on emotion. The following tips will help you make this selection and ensure the person selected will take the task seriously.
Legal Requirements
An executor must be of legal age to take on this responsibility. Courts require this today. They may also put other requirements in place, so it falls on you to know this information when you write a will and choose an executor.
A convicted felon, for example, typically cannot serve as executor of a will. However, exceptions exist. The executor must be a citizen of the United States, and they must be able to manage their affairs before taking yours on. If they have been deemed incapacitated in a court of law, they cannot serve as an executor.
Pick Someone Responsible
The executor doesn’t have to be well-versed in the law. However, they must be responsible and know when outside help is needed and who to hire. Furthermore, they must be organized and prompt, as there are deadlines to meet when settling a person’s estate. Choose someone who is good at communicating with others and will make hard decisions when needed.
Never worry that serving as an executor will burden the person. They receive compensation for the work, so choose a conscientious person. This individual will take their role as executor seriously, as they recognize the importance of doing it right.
This individual does not need to be a friend or family member. You may hire a professional, such as a financial advisor, to do the work required to settle your estate. This independent party might require higher compensation, but it often helps to have an unbiased party to handle these matters. Consider this when choosing who should serve in this role.
Choose a Trustworthy Individual
When you pick an executor, you trust them with the assets you have built over your lifetime. You must feel confident they are honest and will carry out your wishes as you desire. They play a part in the future well-being of your beneficiaries. Some people take advantage of the power granted to them when they serve as executors. If you have doubts about a person and their ability to handle the estate as you desire, it is best to choose someone else to take on these tasks.
Financial Competence
Handling an estate requires financial knowledge. Some people aren’t good with money or numbers. While they may be great people, choosing them as executors of your will isn’t wise. Look for something who is financially savvy.
At a minimum, this person should be able to balance their checkbook, know how to calculate a profit or loss, and how to work with financial institutions. Pick someone who is financially stable and has not accumulated significant debt. They should have experience managing assets similar to yours and maintain a good credit score. These elements are only a few things to consider when determining whether a person is financially competent to handle your estate.
Willingness to Serve
Never name an executor without speaking to this individual first. As this job comes with lots of responsibility, you want to know the person is willing to step up. They are not required to do so. If they don't know beforehand that they will assume this role, they might turn it down when they learn they have been named. Avoid this issue by speaking with the individual before naming them as the executor in the document.
Name an Alternative
Name one or more alternative executors in the will. While a person might state they are willing to serve in this role when you draft the document, circumstances change. They may find they are unable to do so when you pass. Having an alternative listed in the will ensures the court won’t choose someone to handle estate matters.
Furthermore, you might write the will when you are young and only update essential aspects when your circumstances change. Hopefully, you will live a long and healthy life. However, this means the executor may pass before you or have health issues that prevent them from serving. Choosing an alternative executor, someone who may be younger than the individual originally named, helps ensure you have input into who takes on this role when you pass.
Does Location Matter?
Should you choose an executor who lives locally? Experts disagree on whether this is necessary. While benefits come with choosing an executor who lives in the area, choosing a local is not mandatory. People are transitory today. A chosen executor could move multiple times between the drafting of your will and your passing. You would need to choose a new executor every time one moved away if this were a requirement.
However, out-of-state executors often must take additional steps before serving in this role. For example, they may need to post a bond, choose a co-executor who is local, or appoint an in-state agent. A skilled estate lawyer can explain the requirements for out-of-state executors and help you determine if someone local should be named.
Work with an attorney when drafting your will and choosing an executor. Thanks to the internet, you can create this document on your own. However, any mistakes could lead to the document being declared null and void. Furthermore, the court may remove the executor and place another person in this position. Working with an attorney, you can avoid situations such as these. Request a consultation and have peace of mind knowing your will is in order and you have an executor ready and able to take on the task of carrying out your wishes.
