When writing your will, you are creating a map detailing how you want your estate to be managed to care for your loved ones and leave behind a lasting legacy. However, a map is useless if you do not have someone who knows how to read it and guide the estate through the complexities of probate law. Hiring a professional is critical for those wondering: What should I do if I have no one to be the executor of my will? The margin of error is slim. With a professional at the helm, you avoid hurting the estate. A non-professional could also be held legally and financially liable for their mistakes.
At Marcia L. Campbell, CPA, we have helped countless clients by serving as the executor for their estate when no one else could. You deserve someone who can expertly steer your estate to leave behind the legacy you’ve envisioned and take care of those you love the most. Here’s what to know.
What Should I Do if I Have No One to Be the Executor of My Will?
In a perfect world, your estate would work like a Tesla, meaning it could drive and operate itself to distribute assets per your final wishes and carve out the legacy you want to leave behind. But this is far from reality. Here is what to know about choosing an executor if you have no one you can appoint.
Related Article: Who Can Be an Executor if You Have No Family in California?
What Makes a Good Executor?
When you create a will, you appoint someone to be the executor. The executor is in charge of managing the estate, distributing estate assets, and executing your final wishes. You are likely pondering, Who would make a good executor of my will?
As such, an executor serves as the fulcrum of the administration of your estate. Before getting into your options, it is essential to understand that no matter who you select, there are a few qualities they should have that are non-negotiable.
Your executor should be honest, organized, and capable of handling the emotional and financial aspects that managing an estate requires. Your executor should also have exceptional communication skills and the ability to handle and resolve potential conflicts.
Also, your executor must have knowledge of probate law and experience navigating the complexities of the probate process, and they should have availability. Remember, this is a time and labor-intensive process, so you need someone who can treat it like a full-time job.
For example, the executor you choose should understand that just because you have a will doesn’t mean you can avoid probate. Depending on the amount of assets in the estate, the estate may still be subjected to the probate process.
Related Article: Who Can I Name as Executor When I Have No Family or Friends I Trust?
What Are My Options if I Have No One to Be the Executor of My Will?
When considering the qualities you should look for in an executor, this is a decision you cannot take lightly. While anyone can technically act as an executor, you need to choose someone with a specific temperament and set of skills. Still, you have options if you are asking yourself, Who can be the executor of my will if I don’t have ideal candidates? Choosing a friend or family member is certainly an option, but it might not be the best option. Generally, your options are:
- Appointing a professional executor in your will. The most advisable decision is to do some research and find a professional fiduciary you are comfortable with to appoint as the executor of your estate before you execute your will. By appointing a professional fiduciary, you can rest assured that they will have the skills and experience necessary to manage the estate. These objective individuals have a legal obligation to act in the best interest of the estate and its beneficiaries, also known as the fiduciary duty. Because of this, when you appoint a professional, you don’t have to worry about complex family dynamics muddying the situation or an executor abusing their power. Appointing a professional could also be a way to avoid causing family disputes and burdening loved ones.
- Naming a charity as your executor. If you don’t have any living friends or family members you trust with this responsibility and don’t want to appoint a professional, you could name a charity as your executor. This option is often ideal if you have a specific cause you want to support after you have passed away.
- Appointing co-executors. Appointing co-executors could be a useful compromise. A situation in which you might appoint a co-executor who personally knows you and what you want to achieve with the will is if you have specific wishes that only someone close to you could understand and carry out. Appointing someone close to you as co-executor to provide this context as the professional executor carries out their duties could also be beneficial depending on your final wishes.
Regardless of your choice, work with an attorney to adjust your will and ensure it reflects this decision. It’s also essential to ensure the executor you choose is aware of their role and responsibilities so you can guarantee they carry out your final wishes.
One final consideration relates to fiduciary duty for those who are pondering, Who should I pick as the executor of my will if I have no one? No matter who you choose, they automatically assume the responsibility to uphold this duty. As a result, they could face financial and legal repercussions if they fail to perform it.
“These situations are rarely black and white. It is essential to work with a lawyer and professional fiduciary to devise a plan that enables your will to achieve your specific goals. For example, maybe you want to leave an inheritance to beneficiaries and an endowment to a charity. When you hire a professional, you can craft an estate plan to care for those who matter most to you while giving back to the community.”
– Marcia L. Campbell, CPA and Professional Executor
Related Article: 8 Reasons You May Need to Update Your Will
Do You Need an Executor of Your Will? Hire a Professional.
The executor of your will plays a pivotal role in ensuring that your final wishes are honored. From distributing inheritances to your loved ones to leaving behind a lasting legacy, you need an experienced, knowledgeable, and objective executor who operates with integrity at the helm of your estate. The only way to ensure you appoint someone with all these qualities is by working with an attorney and a professional fiduciary!
