How Do You Choose an Executor of an Estate?

When you are planning your estate, you need to have a clear idea of how you want your legacy to continue. Some of what you’ll be deciding is obvious: who will receive the house? Which family heirlooms will go to which family member?

But there’s a vital decision you’ll need to make: deciding upon the executor of your Will. Your executor will administer your estate, implement your action plan and act as the voice of your estate. It needs to be someone you can trust to carry out your desires in a timely, legal and compassionate way.  

How do you choose the executor of your estate? Who should be your executor? And can an executor also be a beneficiary? This person will be helping your loved ones through a difficult time, overseeing your finances, paying your final bills and distributing your property. Because it is a great responsibility, you’ll want to choose the right person for the job. 

When you’re deciding on the executor of your Will, you need a clear head and some good information. These seven characteristics can help you identify what is important when selecting an executor. 

7 Qualities of a Good Executor

1. Ethical and Dependable

Who should be your executor? Someone you can count on. That’s because the executor of your estate will have an inside look at your finances. As part of their long list of responsibilities, they may be charged with reviewing your assets, determining your liability, paying creditors and settling outstanding debts. 

In other words, you are entrusting the executor of your estate to settle your finances while maintaining a level of confidentiality. So, you’ll need to choose someone you trust with your financial secrets.

Keep in mind that it is common for a beneficiary of a Will to be its executor, since many people choose a close family member or family friend. But your executor can be anyone you trust. A few additional options to consider include an attorney, accountant, banker or other trusted advisor as executor. Many of these people will charge a fee to the estate to settle your affairs. However, because they probably do not have the same relationship to you as a friend, family member or loved one, they may be able to make less fraught decisions following your death. 

2. Organized 

Settling an estate requires attention to detail. From listing assets to meeting court deadlines, keeping track of each detail is a must. A missed deadline may draw out an already lengthy process, so you will want to choose someone who is task-oriented and can stay on schedule.

You can help the executor of your estate stay on top of the details of your estate by organizing your accounts in one central location. But nothing will replace a Will or written estate plan. Your Farm Bureau agent can help you plan your estate and create a printed copy of your Journal of Wishes and Records, making the job easier on your executor.

3. Financially Savvy

You have spent your life building and protecting your financial assets. Ensure your executor will exercise as much caution with your assets as you did while you were building them. A business-savvy executor will exercise timing and restraint to ensure that assets won’t lose their value before they are distributed to heirs of the estate. And it goes without saying that a good executor will make wise choices if questions arise.

Another way to ensure your heirs receive the full benefits of your estate is to take steps to minimize the impact of taxes on your estate.

4. Fair and Impartial 

Part of an executor’s job is to balance your wishes with the best interests of the beneficiaries — and the executor may very well be a beneficiary, too. The executor may be called on to make practical decisions regarding your estate. Choose someone who can balance both considerations. This may be a reason to choose an executor who is not a beneficiary of the estate, freeing them up to act in the best interest of the estate without bias.

5. Strong-Willed 

Unfortunately, false claims are often made against an estate in probate. Your executor should be prepared to defend your estate plan from false creditors and invalid claims. Additionally, your executor may need to handle conflicts among family members or anyone who may challenge your Will. It’s best to choose someone who can be diplomatic but firm in difficult situations, making only the decisions they believe you’d make yourself.

6. Available 

Probating, or settling an estate, can take between 9 and 12 months to complete. Duties range from taking inventory of the estate, contacting creditors and communicating your final wishes to beneficiaries to filing taxes for the estate and, if necessary, defending the Will in court.

Though the executor is typically compensated for the time they spend executing your final wishes, it is wise to choose someone who has the time to spend on your estate. Have a discussion with the person you wish to execute your Will and ensure they are willing to spend the time it takes to carry out your final wishes.

7. Compassionate 

In addition to all of these qualities, remember to choose someone who is compassionate. Your executor will help your loved ones through a very stressful and difficult time while guarding and protecting your wishes. You want to choose someone who will protect your loved ones from unneeded stress and strife, and who can be sensitive to their grief and loss.

We’re Here for You

From life insurance to estate planning, your Farm Bureau agent can connect you with resources that will help you plan and execute your estate plan.