So, you are creating a will and devising an estate plan that will cement your legacy and ensure your loved ones are taken care of when you are no longer around to do so. However, during that process, you are faced with a choice as you sit and wonder: How to find an executor for my will? An executor is a vital requirement for every will. This person will oversee and manage your estate and distribute it to beneficiaries. They are the engine of your estate and ensure that your final wishes are honored. Because of the complexity of this role, working with a professional is crucial. Some key considerations when choosing an executor include:
- Honesty and integrity
- Organization and timeliness
- Availability
- Communication and conflict resolution skills
- Probate experience
- Financial and legal experience
Still, there’s much more that plays into this decision to ensure your legacy and family receive the care they deserve. Here is what you need to know about how to choose an executor:
Do I Need an Executor for My Will?
Yes, you need an executor for your will. An executor acts as a legally appointed representative to protect the assets of a deceased’s estate until they can pass them on to beneficiaries. Anyone who makes a will must name at least one executor.
If a will does not name an executor, the will remains legally valid, but someone must step forward to handle the estate’s affairs. If you do not name an executor, the state will assign one, typically per intestacy rules, meaning it will likely be next of kin.
If no one accepts this rule using intestacy rules, the courts will likely select someone to serve as an executor. In other words, if you don’t choose an executor, the courts will select one for you. Because so much is at stake, it is normal for people creating a will to ask, How to find an executor for my will?
“Technically, you can name anyone as the executor for your will, and many people will choose someone close to them, like their spouse, adult child, or another family member. Some people even name close friends. People named beneficiaries can also be named executors, but ensure that there won’t be a conflict of interest if you decide to name a beneficiary as the executor. Still, for complex estates with real estate and a business, for example, it is imperative that you work with a professional.”
– Marcia L. Campbell, CPA & Professional Executor
Related Article: Who Can Be an Executor if You Have No Family in California?
How to Find an Executor for My Will Who Can Manage the Responsibilities
Several factors come into play when choosing an executor to ensure you appoint the right person for the job. An executor will have several responsibilities, and you want to ensure the person you choose can perform them. These responsibilities and duties include:
- Taking an inventory of the estate and tracking down assets and beneficiaries
- Maintaining property until the estate is settled (e.g., upkeep of a house or car)
- Collecting outstanding debts owed to the deceased on behalf of the estate
- Collecting life insurance policies
- Paying bills and debts for the estate
- Filing the decedent’s final tax returns
- Filing the estate tax return
- Distributing property according to the will
- Making probate court appearances to report on the estate
- Communicating with the probate court, attorneys, and beneficiaries
- Documenting all transactions and performing an accounting
The complexity of these responsibilities requires specialized skills and experience, which is why working with a professional executor, such as a private fiduciary, is often your best bet. However, there are other considerations when making this decision. Let’s get into them!
Related Article: I Have No One to Be Executor of My Will. What Should I Do?
How to Find an Executor for My Will: Skills and Traits to Consider
Now you have a better idea of what this role entails, which should provide more clarity if you were wondering, How to find an executor for my will? More specifically, there are certain skills and traits you must consider. Some traits to look for when determining how to choose an executor include:
- Honesty and integrity: An executor is in a position of tremendous power over your estate, and you need someone who will follow the terms of your will, act with integrity and objectivity, and not take advantage of their power over your estate. Unfortunately, it is not uncommon for people to be tempted by the assets they control or influenced by deep-seated family dynamics to abuse their position for their gain.
- Organization and timeliness: Settling an estate requires doing a lot of paperwork, meeting deadlines, and juggling different tasks. You must choose someone who is exceptionally detail-oriented, understands their responsibilities, and knows when they must fulfill them.
- Availability: This role could require paying bills and dealing with several different insurance companies and hospitals, filing tax returns, maintaining property, and even tracking down financial accounts. On top of that, this commitment can last up to a year. It is crucial to find someone who has the time and availability to devote their full attention to this responsibility.
- Communication skills: Family dynamics are extremely sensitive after a death in the family. An executor who can’t or won’t communicate could cause tension or worsen existing tensions that could snowball into family infighting, will contests, and other estate litigation. Because of this, you need someone level-headed and capable of resolving conflicts.
- Probate experience: The laws and rules that govern probate are complex, and making mistakes can have significant consequences. Oftentimes, violating probate code is what spurs estate litigation. You should pick someone with an extensive understanding of probate law and experience navigating it.
- Financial and legal expertise: The person you name as the executor should have considerable financial and legal experience. This is a significant component of their role.
You will be hard-pressed to find all of these traits and skills in the average person, so enlisting the help of a professional executor is critical when determining how to choose an executor for your will, especially if the estate will be particularly complex.
This is the only way to ensure that the individual you select will be organized, have the time, possess the necessary skills and experience, and operate with objectivity and integrity. It is also advisable to bring professional executor services into the will-writing process as you craft your estate plan.
“Ultimately, hiring a professional executor is the only way to ensure that the person you entrust with this responsibility has the necessary skills and experience to expertly handle all the tasks associated with managing an estate. Plus, executors must uphold their fiduciary duty at the same time, which encompasses several duties that boil down to always acting in the best interest of the estate and beneficiaries. Professionals will be well-versed in their fiduciary duty, probate law, and the legal and financial aspects of this role, and they will be able to juggle everything in perfect harmony .”
– Marcia L. Campbell, CPA & Professional Executor
Related Article: Who Can I Name as Executor When I Have No Family or Friends I Trust?
Do You Need Professional Executor Services After Answering, How to Find an Executor for My Will? We Can Help.
So, now you should know the answer if you were wondering: How to find an executor for my will? This responsibility requires considerable legal and financial knowledge, and failing to hire a qualified individual can result in mistakes that lead to litigation that could drain assets. Hiring a professional executor is crucial to leaving behind the legacy you deserve and caring for those you love the most.
