Choosing an Executor for Your Will

Five Things To Consider When Choosing An Executor for Your Will

Most of us recognize the importance of creating a thorough, well-reasoned estate plan. But we may not give adequate thought to choosing an executor to carry out the provisions of our wills. It’s all too easy to default to a relative without objectively weighing their qualifications or the challenges they may face. Because of the importance and potential complexity of the executor’s role, it’s wise to answer multiple questions before making your choice.

Will they be around? You probably shouldn’t select someone who is older than you or in questionable health. To be on the safe side, name an alternate in case your primary executor is unable to fulfill the role. This is usually a better option than co-executors. Although it may seem as if sharing responsibilities could lighten the load, it often complicates decisions, paperwork and banking activities.

Are they local? Some states don’t allow out-of-state executors unless they are a relative or a primary beneficiary. Many states impose special rules for non-resident executors or require them to obtain a bond. An executor who lives outside the area may also find it more difficult to maintain the deceased’s property.

How capable are they? A business or legal background is helpful but not necessary. Executors can, and often should, work with an attorney and an accountant. Honesty, intelligence, discipline, organizational skills and the ability to communicate well are essential.

Are they willing? Never name an executor without asking their permission. Are they still the right choice? Just as you do with beneficiaries, it’s important to review your decision periodically in case something has changed. Perhaps there has been a divorce or the person you designated has developed a health condition.

Should you consider a professional? You may want to name a third-party executor if you have a blended family, your family dynamics are difficult, you want to make things easier for a bereaved spouse, or you don’t have a suitable relative or friend. A bank, trust company or a professional who has experience dealing with estates may serve as an executor. Executor fees vary from state to state but often range between one to five percent of the estate.

Estate planning may be very involved, and it’s critical to get it right. We are happy to work with you, your attorney and your tax professional to find solutions for your situation. HCWM does not provide legal advice; therefore, it is important for us to coordinate with your legal advisor

Have questions about retirement, investing, or financial planning?

 

Hunt Country Wealth Management can help.
Click below to explore our services, or schedule a 15-Minute Discovery Call™ to talk with an advisor.

Gold Hunt Country Wealth Management Logo
Our mission is to prepare modern retirees nationwide for their journey into retirement and equip them with a plan to help them navigate the road ahead.

We believe retirement should free you — and it all starts with a plan.

Have Questions or Ready to Get Started? Schedule a 15-Minute Discovery Call™

Related Posts

New Office Location

New Office Location

Come visit us at our new Winchester, VA location at 49 South Loudoun Street. Old Town Walking Mall.    To get to our office please GPS (22 Wolfe Street Winchester, VA). This will lead you to the Winchester Parking Authority Hable Parking Lot. When visiting please...

read more
Middleburg Life

Middleburg Life

Are Women The New Face of Wealth in 2021? Virginia-Based Financial Experts Weigh In On A Booming Trend.  Thank you Middleburg Life for the Feature! We couldn’t be more excited to talk about women and investing and appreciate the opportunity to add our perspective....

read more
We believe retirement should free you. It all starts with a plan.

Have Questions? Schedule 15-Minute Discovery Call™