Selecting the right executor for your will is a crucial aspect of estate planning. An executor is responsible for carrying out the instructions outlined in your will, managing your estate’s affairs, and ensuring that your wishes are fulfilled after your passing. In other words, the executors are the ones you are handing over the reins to when you’re gone.
Most people will select their spouse as their sole primary executor. This is often a “no brainer.” However, selecting who will act as executor (or executors) when both spouses are gone is a bigger challenge. When you have adult kids, they’re usually chosen for the role, but that may not always be appropriate, especially if there are multiple kids with differing levels of skill or reliability. It may be necessary to really step back and think about who to name as executors.
Given the importance of this role, careful consideration is essential when choosing an executor. A good executor possesses the right blend of capability, knowledge, trustworthiness, and reliability. Capability means they possess the necessary skills, intelligence, and perhaps even credentials to properly administer your affairs. Knowledge means they possess the requisite knowledge of your assets and your wishes in order to be able to properly step into your shoes. Trustworthiness means they can be trusted to act honestly, in good faith, and in accordance with your wishes. Underpinning all of these traits is reliability, a critical feature of any good executor.
Before choosing an executor, it’s essential to understand the responsibilities associated with the role. Executors have various duties, including:
- Probating the will
- Identifying and inventorying assets
- Paying debts, taxes, and expenses of the estate
- Distributing assets to beneficiaries according to the terms of the will
- Handling any legal or financial matters related to the estate
Managing an estate requires strong organizational and administrative skills. Your chosen executor should be capable of handling paperwork, keeping accurate records, and navigating legal and financial matters effectively. Look for candidates who are detail-oriented, methodical, and comfortable with managing complex tasks.
Also consider the availability and accessibility of potential executors when making your selection. The executor will need to devote time and attention to managing your estate, so it’s essential to choose someone who has the bandwidth to fulfill the responsibilities of the role. Additionally, consider whether the executor lives nearby or is easily reachable if needed. For tax and legal reasons, choosing someone outside of your jurisdiction may not even be an option.
As difficult as it is to choose executors, the task is made more difficult by the need to choose backups. While backup executors aren’t strictly necessary, they’re recommended for obvious reasons, as your chosen executors may die before you or may otherwise become unable or unwilling to act. Having a backup executor ensures continuity in estate administration and provides a contingency plan in case the primary executor is unavailable due to illness, incapacity, or other unforeseen circumstances.
A final important consideration is to review and update your choice of executor regularly to reflect changes in your personal circumstances, relationships, or preferences. Kids grow up and go from being the dependents the executors need to take care of, to being the intelligent adults most appropriate to act as your executors themselves. Friendships change and evolve. People come in and out of your life. It’s important to ensure your chosen executors remain appropriate.
Take the time to evaluate potential executors thoroughly, as these are the individuals who will be entrusted to carry out your wishes and take charge of everything you’ve built over the course of your life. Your loved ones depend on it!
