The executor of a will is the person who is in charge of making sure the estate is divided as per the wishes of the deceased. The executor of the will is named in the will and has powers to take care of the estate. They can pay outstanding debts, pay estate taxes, and distribute the remaining assets and property as per the wishes of your will.
How to Choose an Executor of a Will
The most important attribute an executor of a will must have is organization skills. There is a lot of paperwork and tasks to do as an executor of a will, so someone who procrastinates or is easily overwhelmed will not be suited to the role. It is also important to choose someone who you trust and can count on to be the executor of the will. No matter how evenly you split your assets, you will likely have people who believe they should have received more. You need your executor of the will to act without bias and who will be able to deal with pressure or harassment from family members.
Most people name more than one person to act as co-executors. But at the very least, you should name an executor of the will and one or two backups in case one person is unwilling to act as the executor. If you don’t want to place too much burden on your loved ones or have crazy family members, then you can hire a professional executor of the will, like an attorney. They will handle the tasks of an executor of the will with ease and take their fee out of your estate at the same time they pay down debts.
When you choose the executor of the will, these three elements are crucial:
- Age – An executor of a will must be over the age of 18. You should also pick someone who is less likely to die before you. To be on the safe side, name a backup in case the person dies or changes their mind about being the executor of the will.
- Location – Your executor of the will may need to appear in court when managing your estate. It is best to pick someone who lives close to you so they can do the legwork needed to manage your estate. In some states, the executor must live in that state.
- Willingness – Have a conversation with the person who you want to name as the executor of a will to find out if they are willing to do so. It is a lot of responsibility and a lot of work to act as an executor, so many people would prefer to avoid the trouble.
The probate court will have to approve of the executor of the will before they can start managing your estate.
The Duties of an Executor of a Will
An executor of the will’s duties will be different for different estates. Even if someone has acted as the executor of a will in the past, they may have to do completely different things for the next estate they manage.
Here are some of the common duties of an executor of a will:
- Make certified copies of your death certificate
- Notify financial institutions, creditors, and insurance companies of the death and provide them with a certified copy of the death certificate
- File the deceased’s final income taxes
- Locate the deceased’s final will and file it with the probate court
- Settle any outstanding debts
- Inform the heirs and any relatives of the deadline for contesting the will
- Inventory the belongings of the deceased and distribute them to the heirs
- Maintain all property and assets until the estate has been settled
- Appear in court to represent the estate for any contests or other estate matters
The Powers of an Executor of the Will
The powers of the executor of the will can vary between states and based upon the powers the will provides the executor. It is important to make the will very clear when distributing assets and to be very clear in what powers you want to give the executor of the will. The more powers they have, the less they will need to go to probate court to ask permission to act on your behalf.
Executor of the Will vs. Power of Attorney
The executor of the will and power of attorney are legal roles that come up in estate planning, but they are very different roles with very different powers.
A power of attorney has the power to act on your behalf if you are unable to do so. You can designate one power of attorney who will handle all things if you are unconscious or not of sound mind, or you can designate separate powers of attorney for things like healthcare or finances. The power of attorney acts while you are still alive.
An executor of the will only acts once you are deceased, and your will is in probate. They have the power over your estate, meaning your assets, debts, and belongings. Once the will has finished probate and the period for contest has finished, the executor of a will has finished their job.
Both roles involve a lot of trust, and picking people to act in these roles should be taken very seriously.
How to Name an Executor of the Will
Naming an executor of a will is easy; you just name them as the executor in your last will and testament. You should name an alternative, just in case the person dies before you or is no longer able or willing to act as your executor.
Frequently Asked Questions About an Executor of a Will
Can My Spouse Be the Executor of the Will?
Yes, they can. In some senses, a spouse is a great choice for an executor of a will because they will have a good understanding of your wishes and is likely to be on the same page as you. However, following your death, your spouse will be grieving. The duties of an executor of the will on top of their grief may be too much. Instead of receiving support from family members, they may receive accusations, arguments, and harassment about your will. If you want to name your spouse as the executor of the will, then have a conversation with them about it first and see if they can handle the extra stress.
Can the Executor of the Will Be a Beneficiary Too?
Yes, they can. Often it is good practice to make your executor of the will a beneficiary so that they get something for the work they put in. The exception to this is if the executor of the will is a professional, but then you need to write provisions into your will to ensure they get paid for their services. It is perfectly legal for the executor of a will to be named as a beneficiary.
Is There Anything I Can Do To Make the Executor of the Will’s Job Easier?
Yes. First, only name someone who is willing to act as executor of the will. You should also keep your records in order to make the executor of the will’s job a lot easier. Keep your will and testament and the files they may need (like account details and property deeds) in one place. You should also note the location of other belongings like heirlooms, artwork, vehicles, etc. so they can track them down in order to get them to your heirs.
What Happens If I Don’t Have an Executor of the Will?
If you die and have not named an executor of the will, then the judge in probate court will appoint one for you. Any family members or beneficiaries who volunteer will be assessed to see if they are appropriate.
Can the Executor of the Will Be a Witness To the Will?
It depends on state laws. In most states, the witnesses to your will cannot be named as a beneficiary in the will. Therefore, if you leave your executor of the will any property in the will, they cannot be a witness.