Executor
What is an Executor/Executrix?
The Executor manages the distribution process, which takes place through the Probate Court in your local county. The Probate Court will require the Executor to create an inventory of your assets and account for all of the costs related to the Estate, satisfaction of creditor claims, and the final distribution of assets. An Executor is typically compensated for his or her services.
You will sometimes hear the word Executrix used in the Probate administration process. An Executrix is the female version of the word Executor.
Who should be named as Executor?
When there is only one beneficiary, it makes sense to appoint that person as Executor. For example, if there the surviving spouse is the sole beneficiary then he or she would be first in line as Executor.
Other than the surviving spouse, if you only have minor children, you must appoint an Executor who is not a beneficiary. An Executor must be at least 18 years old.
When selecting an Executor, consider the following factors:
1. Is this person willing and able to act as Executor?
This is the most important factor. If a potential Executor does not qualify as willing and able, the other factors do not matter. If a person is willing, but has a job that requires them to be out of the country or constantly traveling, he or she may not be able to act as Executor.
2. Is this person responsible?
An Executor has access to all Estate funds and manages payment of expenses during Administration of your Estate. This person is required to act in the interest of the Estate and beneficiaries. Even though there is a legal duty, it is best to select a person whom you would trust with your wallet and whom you would trust to pay your bills on time.
3. Is this person able to handle potential conflict?
An Executor is often asked to dictate how tangible personal property is distributed. While distributing money is simple, mediating the distribution of personal property can be challenging. An Executor should be able to handle conflict resolution and be impartial when making decisions.
It is important to realize that a person is rarely perfect for this role. When in doubt, ask the person you’re considering directly if they’d be willing to act as Executor.
Lastly, do not worry about offending anyone by not selecting them as first in line or at all. A Will contains your final wishes and should be respected.
Important Note Regarding Executors
Since most people have never acted as an Executor, it can be overwhelming to find out what needs to be done. To avoid a steep learning curve, I have created an essential checklist outlining the first important steps. When you select an Executor, forward this to the candidates so they know how to take action when necessary.
The Executor manages the distribution process, which takes place through the Probate Court in your local county. The Probate Court will require the Executor to create an inventory of your assets and account for all of the costs related to the Estate, satisfaction of creditor claims, and the final distribution of assets. An Executor is typically compensated for his or her services.
You will sometimes hear the word Executrix used in the Probate administration process. An Executrix is the female version of the word Executor.
Who should be named as Executor?
When there is only one beneficiary, it makes sense to appoint that person as Executor. For example, if there the surviving spouse is the sole beneficiary then he or she would be first in line as Executor.
Other than the surviving spouse, if you only have minor children, you must appoint an Executor who is not a beneficiary. An Executor must be at least 18 years old.
When selecting an Executor, consider the following factors:
1. Is this person willing and able to act as Executor?
This is the most important factor. If a potential Executor does not qualify as willing and able, the other factors do not matter. If a person is willing, but has a job that requires them to be out of the country or constantly traveling, he or she may not be able to act as Executor.
2. Is this person responsible?
An Executor has access to all Estate funds and manages payment of expenses during Administration of your Estate. This person is required to act in the interest of the Estate and beneficiaries. Even though there is a legal duty, it is best to select a person whom you would trust with your wallet and whom you would trust to pay your bills on time.
3. Is this person able to handle potential conflict?
An Executor is often asked to dictate how tangible personal property is distributed. While distributing money is simple, mediating the distribution of personal property can be challenging. An Executor should be able to handle conflict resolution and be impartial when making decisions.
It is important to realize that a person is rarely perfect for this role. When in doubt, ask the person you’re considering directly if they’d be willing to act as Executor.
Lastly, do not worry about offending anyone by not selecting them as first in line or at all. A Will contains your final wishes and should be respected.
Important Note Regarding Executors
Since most people have never acted as an Executor, it can be overwhelming to find out what needs to be done. To avoid a steep learning curve, I have created an essential checklist outlining the first important steps. When you select an Executor, forward this to the candidates so they know how to take action when necessary.
