Selecting an Estate Executor: It’s a Job, Not a Trophy
Choosing an executor is one of the most significant decisions in estate planning. Many people approach it as a way to "honor" a loved one, but the reality is much different. Think of it less as a tribute and more like hiring a temporary CEO to manage a complex legal and financial wind-down.
If you’re currently weighing your options, here is how to navigate the selection process and the common traps that catch many families off guard.
How to Select the Right Person
The "ideal" executor isn’t necessarily the person you love the most; it’s the person with the best organizational stamina. Look for these four traits:
Administrative Competence: They don't need to be a lawyer, but they must be comfortable juggling paperwork, dealing with banks, and communicating with government agencies.
Proximity: While not strictly required, having an executor who lives nearby makes logistics—like securing a property or meeting with local professionals—significantly easier.
Availability: Settling an estate can take 12 to 24 months. Ensure your choice has the "bandwidth" to handle this alongside their own life.
The "Neutral" Factor: If you anticipate friction among your heirs, choosing a neutral third party (like a professional trust company) can prevent lifelong family rifts.
5 Pitfalls to Avoid
1. The "Oldest Child" Default
Many people choose their eldest child out of tradition. This is a mistake if that child is disorganized or already overwhelmed. Remember: The role is a job, not a reward.
2. The "Two-Headed Monster" (Co-Executors)
Naming two people to act together sounds "fair," but it can be a logistical nightmare. Every document and check requires two signatures. If they disagree, the entire process can grind to a halt.
3. Ignoring the Successor
Life is unpredictable. Always name a back-up executor. If your first choice is unable to serve and you haven't named a successor, the court will step in, adding unnecessary costs and delays.
4. Forgetting the Fee
Executors are often entitled to a fee (usually a percentage of the estate). Be clear in your Will whether you expect them to be paid or if they are acting as a volunteer. Unclear expectations here are a primary source of estate litigation.
5. Keeping it a Secret
The worst time for someone to find out they are your executor is at your funeral. Ask them first. Give them a high-level overview of where your records are kept so they aren't starting from scratch during a time of grief.
The Professional Alternative
If your estate is complex or you simply don't want to burden your family, consider a Corporate Executor (a bank or trust company). They charge a fee, but they bring total neutrality, professional expertise, and they will never be "too busy" to handle a deadline.
Bottom line: Choose the person who will get the job done with the least amount of drama. Your heirs will thank you.
