Key Takeaways
- Choose an executor who demonstrates that they’re responsible and capable.
- The age of the executor could be important, particularly if they’re your age or older.
- A professional executor is an option, too.
Chances are, you’re aware of how important it can be to have an estate plan—sometimes called a wealth transfer plan—in place so that your assets can eventually pass on to others according to your wishes.
One of the key action items to address when creating such a plan is to name an executor in your will to oversee your estate and to handle important duties when the time comes. Executors are typically responsible for a wide array of tasks—often including filing your will, paying debts, filing tax returns and distributing bequests to heirs. Essentially, an executor manages your assets and liabilities for a limited amount of time after you die, and is obligated to do so with your interests in mind. Without a will and an executor, a court will likely decide who should take care of these tasks.
The upshot: When choosing an executor, you want to select a highly responsible person or organization capable of “dotting the i’s and crossing the t’s” so that important components of the wealth transfer process are done—and done well.
With that in mind, consider some of the key factors to weigh when naming an executor.
Understand what your executor may need to do
Before you make a decision about who your executor should be, it may be helpful to understand more fully what they’re likely to be asked to do in that role. The list of duties can vary, sometimes significantly, on a state-by-state basis. In general, however, some of the most common are:
1. Find and file the will. The probate judge will grant the person the authorization to act on behalf of the estate through certain documents.
2. Set up an estate bank account. Expenses of the deceased should be paid using money from that person’s estate. The executor will set up an estate bank account, to which the deceased’s bank accounts and other cash assets will be transferred.
3. Identify the assets and liabilities. One of the executor’s biggest roles is to identify and locate all the assets of the deceased person. This can literally be a hunt that requires digging through old papers, storage bins, safe deposit boxes and so on—sometimes in multiple locations. The executor might also need to interview family members to learn about various assets and accounts that exist. Some assets require probate, while other assets are non-probate. Probate assets are any assets that pass by the person’s will. Non-probate assets are directly transferred to heirs, circumventing the need to go through the court process. Examples of non-probate assets include:
- Joint and survivorship property
- Life insurance benefits
- Qualified retirement benefits and IRAs
4. Make notifications about the death. The executor lets the beneficiaries named in the will and other potential heirs, as well as creditors, know about the death (as set out by state law).
5. Deal with active accounts and benefits. The executor contacts the deceased’s cable company, credit card providers, subscription services and other providers to close/ cancel the accounts. If the deceased was receiving Social Security benefits, the executor will want to alert the Social Security Administration.
6. Pay debts. The executor pays the deceased’s debts from the estate’s funds. They also determine the validity of creditors’ claims—paying the legitimate ones and declining those that appear to be illegitimate.
7. Handle the taxes. The executor is also responsible for having the assets valued for tax purposes, to determine whether estate taxes are owed. They’ll prepare (probably with help from an accountant) and file a federal and/or state estate tax return, and perhaps an estate income tax return, as well as a personal income tax return covering the final year of the deceased’s life.
8. Distribute bequests to the beneficiaries. After the bills and creditors have been paid, the executor will see that the beneficiaries get what they’re supposed to according to the will.
The process can be time-consuming (depending on the complexity of the estate). A survey by EstateExec, an online tool for executors, found that settling the typical estate takes about 16 months and requires 570 hours of effort. Settling estates worth $5 million or more typically takes 42 months and 1,167 hours of effort.
The upshot: For their work, the executor is (in most cases) entitled to receive a fee. The amount depends on a range of factors—including, but not limited to, instructions in the will and the state in which the person died.
Factors to weigh when making your choice
Ultimately, choosing an executor boils down to asking yourself whom you want to “step into your shoes” after you’re gone to take care of a range of legal tasks that can have a potentially major impact on your family. Often this means choosing a close family member, a close friend, or one or more of your adult children.
As you think about the right person for the task, weigh factors such as these:
- Ability. At the most basic level, an executor has to be legally eligible to take on the job. That means a person who is at least 18 years old and who is cognitively capable of understanding the role of executor and administering the estate. And because of the financial and legal obligations of an executor, courts may not approve non-U.S. citizens living outside of the country (for jurisdictional reasons) or those with felony convictions in the past.
- Responsibility. An executor typically has a large number of important and time-sensitive tasks to take care of. The person you select should be someone you see as being proactive, fast to respond to questions, on time with deadlines (such as paying bills and filing forms), and willing to follow rules and execute on plans that have been set out for them. A person who has shown themselves to be fiscally responsible and to have many of their financial affairs in order may be a particularly good choice.
- Desire. Ideally, any executor candidate on your list should want the job once they understand what’s involved. That said, the choice is yours, and the person ultimately may need to recognize that you feel they’re the best option and accept the responsibility.
- Age and health. Consider a candidate’s age and the likelihood that they will outlive you or remain healthy enough to serve as executor. Since it’s impossible to know with certainty how people’s lives will play out, consider naming a relatively young person either as your primary choice or as a backup in the event that your first choice passes on before you do.
- Temperament. Your executor may have to deal with a broad range of people, not all of whom may be terribly pleasant. Examples include demanding lenders seeking to get paid in short order and heirs who feel upset about the terms and bequests you’ve spelled out in your will. Ideally, your executor will have the temperament and demeanor necessary to navigate the process of interacting with a variety of individuals. Good communication and listening skills can be helpful here.
- Time commitment. It’s probably smart to do your best to pick a person who has the time and bandwidth to tackle all the jobs outlined above—perhaps even limiting your choices to someone who lives in your general geographic area or who has a significant degree of flexibility in their lives. That said, you might have to compromise in this area. For example, it’s entirely possible that the most responsible and proactive person you can think of also has the most demands on their time.
One possible solution is to appoint multiple executors, each with equal authority over the handling of the estate. This can present unique risks—if, for example, the executors don’t get along with each other, there can be delays in the estate settlement process.
Note: It’s not vital that your executor be extremely well-versed or savvy in areas such as personal finance, legal issues or tax planning. It’s more important that the person know whom to go to for help and expert guidance in those areas—such as accountants and estate planning attorneys.
Enlisting a professional
If you do not have any friends or family members who seem like good candidates for being executor (or you can’t find one who says yes), you can name a professional such as an attorney or accountant—or an entity such as a trust company or a bank’s trust department—to fulfill the role.
Here are some other reasons to consider using a professional:
- You don’t have family living close by.
- You have complex assets (illiquid assets, for example).
- You have a blended or nontraditional family and want to avoid infighting. You have family members with special needs.
- You hold assets in other countries.
Enlisting a pro can help mitigate the risk of a friend or family member who isn’t a financial expert making mistakes on tax returns and other forms as well as missing important deadlines—errors that can potentially expose the estate to litigation.
Of course, professionals are almost certain to charge fees for their executor services—and those fees will depend in part on the size of the estate as well as the state in which you live. While a friend or family member may be entitled to payment, they can choose to perform their duties for no cost. That alone doesn’t make either option better than the other, of course—but it’s one more consideration to weigh.
Conclusion
An executor can play a significant role in how your estate is settled after you’re gone. Selecting one with the traits you find to be most important can potentially provide both you and your heirs with the peace of mind that your goals and wishes will be honored.
Disclaimer: This is general advice and information that may vary based on the state in which the probate is occurring. Talk to an estate administration professional for specific guidance to determine what is accurate and relevant for your situation.
VFO Inner Circle Special Report
By John J. Bowen Jr.
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