Once you have decided to create your will, picking your executor is the next most important step.
Your executor is the person who will manage all your affairs once you have passed away. These duties include working through the Probate Court process, the settlement of all your debts, the payment of any estate taxes, and managing the distribution of your assets to each of your beneficiaries.
As you can see, you need to pick your executor very carefully. Some attributes to look for is someone that:
You trust implicitly Is well organized Understands commitment Appreciates deadlines And has the patience of a mother and the tenacity of a master sergeantShould I pick a family member?
Great question. There are pros and cons on both sides. A family member may know your wishes better than anyone. That said, appointing a family member may also create a conflict of interest. The family member executor has complete control over your assets and could conceivably manipulate the distribution of assets to his /her benefit. There are lots of horror stories were the executor either misappropriated or ran off with the money.
Does the executor get paid?
The laws vary from state to state and some states set a cap on fees.
Hot tip: In my case, I have identified two executors to my estate. One is my business partner and one is a close family friend. They both know the spirit, intent, and goals I have outlined in my will. Also they (and their spouse) are the beneficiary of a 10-day cruise of their choice anywhere in the world as my way of thanking them for taking care of my affairs once I am gone.
Can the executor ask for help?
Absolutely. The attorney that helped draw up your will would be a good place to start. As an example, there have been recent changes to the estate tax code that can greatly benefit the surviving spouse, but (there always a 'but') the executor must file the needed paperwork within nine months of your death. Rather than having the executor trying to figure that all out, go find an estate lawyer you trust.
The Take-Away
Picking an executor is extremely important and there are several parameters to consider when selecting yours. Family members may or may not be the best qualified. At the end of the day is comes down to one simple word-integrity. Don't pick with your heart, go with your gut. You will be pleased when you do.
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