When it comes to planning for the future, choosing an executor for your estate is one of the most important decisions you’ll make. It’s not just about picking someone to handle paperwork – it’s about entrusting a person to carry out your final wishes and take care of the loved ones you leave behind.
At Johnson Legal, we’ve guided countless families through this process, and we’re here to help you make a choice that brings peace of mind to you and your family.
Think of an executor as the captain of a ship, steering your estate through its final journey. Their responsibilities include:
It’s a big job, one that requires time, effort, and careful attention to detail.
Now that we know what an executor does, what qualities should we look for? Here’s a list to keep in mind:
This is the foundation of everything. Your executor will be handling your assets and carrying out your wishes. You need someone you trust implicitly.
There’s a lot of paperwork involved in managing an estate. Your executor should be someone who can keep track of details and meet deadlines.
While they don’t need to be a financial expert, your executor should be comfortable dealing with banks, understanding financial statements, and managing money.
Settling an estate can be emotionally challenging. Your executor should be someone who can make clear-headed decisions even in difficult times.
Managing an estate takes time. Your executor should be someone who can commit to the task, potentially for several months or even longer.
Your executor will need to interact with beneficiaries, lawyers, and financial institutions. Strong communication skills are a must.
If you’re leaving assets to multiple beneficiaries, your executor should be someone who can act fairly and impartially.
With these qualities in mind, let’s look at some potential candidates:
Many people choose a spouse, adult child, or sibling as their executor. They know you well and are likely to understand your wishes. However, be mindful of potential family conflicts this could create.
A trusted friend can be a good choice, especially if they have relevant skills (like financial or legal knowledge) and are familiar with your family dynamics.
You might consider naming a lawyer, accountant, or professional executor service. They bring expertise to the table, but their services will come at a cost to your estate.
Some banks and trust companies offer executor services. They’re experienced and impartial, but again, there will be fees involved.
As you’re weighing your options, here are some important factors to keep in mind:
Ideally, your executor should be younger than you and in good health. You want to choose someone likely to be around and capable when the time comes.
While not a deal-breaker, it’s often easier if your executor lives relatively close to you. This can simplify the process of managing your assets and dealing with local courts.
Consider how your choice might affect family relationships. Sometimes, choosing a neutral third party can help avoid potential conflicts.
This is crucial. Make sure to ask the person you’re considering if they’re willing to take on this responsibility. It’s a big ask, and they should have the option to decline.
It’s wise to name an alternate executor in case your first choice is unable or unwilling to serve when the time comes.
Once you’ve identified potential executors, it’s time for a heartfelt conversation. This isn’t just about asking them to take on a task – it’s about sharing your values, your hopes for your loved ones, and your vision for your legacy.
Here are some points to cover in this conversation:
Remember, it’s okay if they need time to think about it. This is a big decision for them too.
Once you’ve chosen your executor and they’ve agreed to serve, there are steps you can take to make their future job easier:
Choosing an executor is a deeply personal decision. It’s about more than just managing assets – it’s about entrusting someone to honor your life’s work and care for the people you love. Take your time with this decision, and don’t hesitate to seek advice if you need it.
Remember, the goal is to choose someone who will not only capably manage the technical aspects of your estate but who will also approach the task with the same care, love, and respect that you would. By choosing wisely, you’re giving a final gift to your loved ones – the gift of a smoothly settled estate and the peace of mind that comes with it.
Choosing the right executor is a part of your estate plan, but you don’t have to make this decision alone. At Johnson Legal, we’re here to guide you through every step of the process.
Want to learn more about selecting the perfect executor for your estate?
Call us today to schedule a consultation.
Shane T. Johnson is the CEO and Managing Partner of Johnson Legal, an estate planning and business law firm in Wilmington, NC. With years of experience in estate and business law, he has zealously represented clients in various legal matters, including small business formation and purchasing, estate planning, probate, domestic violence, and other legal cases.
Shane received his Juris Doctor from the University of Wyoming and is a member of the North Carolina Bar Association. He has received numerous accolades for her work, including being named among the Best Probate Lawyers in Wilmington by Expertise.com.
