Who to name as executor when family members aren’t an option - MoneySense (2024)

FAQs

Who to name as executor when family members aren’t an option - MoneySense? ›

There are options to name a professional in your estate documents. You can name an individual professional, or you can name a trust company.

Given the magnitude of the responsibilities and the intimacy of the role, you may want to name a close friend or relative as executor, someone who fully understands and respects your wishes, as well as those of your beneficiaries, and who might handle your sentimental heirlooms and other property more sensitively than ...

Choosing an executor

Most people choose close and trusted family members (spouse, child, sibling, etc.) as their executor. In cases where there is more than one child, it's common to assign the responsibility to all or some of their adult children, so no one is left out.

If you don't have any friends or family members to appoint as your executor, there are a few other options to consider: Hiring a professional executor. An attorney or financial planner can serve as a professional executor for your estate.

If there's someone in your family who you think will handle the job well, it can be a good idea to have them as an executor. For example, it's common to name one of your children, a niece or nephew or an adult grandchild.

Yes, the executor of the estate also can be a beneficiary of the will, and often is. Many people will select one of their grown children to be their executor. Children are primarily the beneficiaries of parents' wills. In California, an executor must be at least 18 years old and of sound mind.

It depends. If most of a decedent's estate is put into a trust, then the trustee of the trust would have more power. If by power you mean the capacity to distribute the decedent's estate. Generally, this tends to be the case if a person creates a trust and a will during their lifetime.

Power of attorney is only effective while you're alive and executors only assume responsibilities once you pass away. However, you should keep in mind that these are both big jobs with a lot of responsibility. Appointing the same person to both roles may be asking a lot of him or her.

One of the primary advantages of selecting a financial advisor as an executor is their knowledge of managing financial matters. They deeply understand investment strategies, tax planning, and wealth management, which can be invaluable in administering complex estates.

An executor is an individual – typically a lawyer, accountant or family member – responsible for ensuring that the deceased's last will and testament is carried out. The executor is also responsible for paying off any debts that the deceased had when she died.

What happens if you don't trust the executor? ›

If the court rules that the executor was indeed incompetent or engaged in an act of misconduct, it will appoint a new executor. The court will likely appoint an alternate executor named in the will or trust by the decedent. If an alternate is not named by the decedent, another person will be appointed.

Naturally, your friend or family member probably won't know what is expected of them when the day comes to fulfill the role. Following asking them to administer your estate in the wake of your death, the ideal thing to do would be to provide them with an outline of expectations and responsibilities regarding your will.

If an executor of a Will dies before the person who made the Will, then it is down to any other named executors to take on the responsibility of administering the estate. If the testator (the one who made the Will) only appointed one executor, then it is a good idea to draft a new Will.

Executors are legally empowered to withhold money from a beneficiary if there's a legitimate and lawful reason, such as unsettled debts, taxation issues, or ongoing estate litigation.

In some cases, one person may be appointed to fulfill both roles of Executor and Trustee; this is quite common. However, it is important to consider whether this is the right decision carefully. The fiduciary duties of each role are distinct, and the time frames in which the duties are required may also be different.

In most situations, it's not a good idea to name co-executors. When you're making your will, a big decision is who you choose to be your executor—the person who will oversee the probate of your estate. Many people name their spouse or adult child. You can, however, name more than one person to serve as executor.

You'll play a critical role in administering an estate and carrying out the terms of a Will. Individuals nominated as Executors are generally trusted and respected by the Testator, or the person making the Will.

Typically, spouses name one another as executor of each other's wills. But you should also name another person or corporate trustee as a successor in each will. Also worth noting is a mirror will leaves all of your estate to the surviving spouse, after specific distributions to named beneficiaries.

Generally, an executor administers the estate of the person who died, while a trustee administers a trust for the benefit of the named beneficiaries. A guardian makes decisions for minor children of the person who died or for an incapacitated adult.