Choosing the executor of your will

Appointing an executor for your will requires careful reflection. The individual will be in charge of administering your estate and carrying out your final wishes. You want this task to be done both efficiently and in a fair manner.

Very often, people will choose a family member or friend who they trust to execute their will. It’s a plus if this person also has knowledge on taxes, investments and financial decisions. However, keep in mind that the person you choose can turn to experts like attorneys or tax accountants to guide them through the process: what’s most important is that the executor is someone you know to be responsible.

If you don’t feel comfortable entrusting this task to a family member or friend, or if you have a complex estate, you can name a third-party executor such as a bank, trust company or legal professional. If you need help finding a third-party executor, you can turn to the following organizations:

• National Association of Estate Planners and Councils (naepc.org)
• National Academy of Elder Law Attorneys (naela.org)

All executors are legally entitled to a fee (this will come out of the estate); however, third-party executors represent an extra cost.

Note that you have the option of appointing two or more executors or co-executors. Executing a will entails a lot of work, so dividing the task between two people—especially if the individuals you have in mind have busy lives—is not a bad idea. Moreover, this can help ensure that the estate is distributed in a fair and honest manner.

And be sure to appoint an alternate executor (or multiple alternate executors) in case the original executor dies or is unable or unwilling to fulfill their duties.

Lastly, as this is an important decision, don’t hesitate to seek advice from persons you trust, whether it’s family members, friends, your lawyer or the bank.