Executor

Naming an Executor means someone will be ready and able to handle your affairs and settle your estate after you pass away.

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WHAT IS AN EXECUTOR?

Appoint someone you trust to handle administering your estate after you pass away.

Appointing an Executor is important for a number of reasons. Your Executor will have the legal authority to do everything needed to administer your estate after you pass away. This person is legally responsible for carrying out your wishes as provided in your Will or other Estate Planning documents.

If you fail to appoint an Executor, you’re leaving everything up to the courts. Dying intestate (without a Will or Trust) means state intestacy laws come into play and determine who gets what from your estate — instead of you having the ability to decide.

Be sure to name an Executor when creating your Will so you have the peace of mind that your estate and legacy will be honored how you intend.

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EXECUTOR RESPONSIBILITIES

What does an Executor do?

An Executor (or, if female, often referred to as Executrix) of a Will is the person you name to do everything related to administering (settling) your estate after you pass away.

The Executor’s first responsibility is to account for and list all the assets in an estate. This can include real estate, financial holdings, collectibles and direct investments. He or she will use the list to determine a total value of the estate, and then move forward with settling it by:

Notifying beneficiaries
Paying any taxes the estate may owe
Paying off all debts
Placing notices as required
Distributing remaining assets to beneficiaries and heirs

Who should be an Executor?

Choosing an Executor can be difficult. The most important quality you want to look for is how responsible someone is. Keep in mind, if you don’t have someone in your life who you feel could adequately fulfill the duties necessary to be an effective Executor, you do have other options. Consider one of the following as your Executor:

Your Spouse
For married couples, a spouse is often named Executor. Note that assets jointly owned will automatically pass to a surviving spouse anyway.
A Family Member
If you’re not married, choosing a close family member you trust is another option. This is also an option even if you’re married. There are no requirements that your spouse be your Executor.
A Trusted Friend or Confident
Selecting a close friend whom you trust is a viable option when it comes to choosing your Executor. Just make sure this person is in good health, is ideally the same age or younger than you and would be willing to take on the role.
Accountant, Bank, Attorney or Trust Company
If you truly don’t have someone, you can always name a trusted advisor as Executor. Just know that these options will cost your estate, leaving less in assets for your inheritors (although, any Executor, even a friend or family member, is generally entitled to compensation as well).

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Who should be an Executor?

Your Spouse
For married couples, a spouse is often named Executor. Note that assets jointly owned will automatically pass to a surviving spouse anyway.
A Family Member
If you’re not married, choosing a close family member you trust is another option. This is also an option even if you’re married. There are no requirements that your spouse be your Executor.
A Trusted Friend or Confident
Selecting a close friend whom you trust is a viable option when it comes to choosing your Executor. Just make sure this person is in good health, is ideally the same age or younger than you and would be willing to take on the role.
Accountant, Bank, Attorney or Trust Company
If you truly don’t have someone, you can always name a trusted advisor as Executor. Just know that these options will cost your estate, leaving less in assets for your inheritors (although, any Executor, even a friend or family member, is generally entitled to compensation as well).

Learn more

TRUST & WILL

It's the smart, modern way to create & manage your estate planning documents.

1

Make a list of your goals.
List your goals for your Estate Plan. Think about where you are in life right now, and where you want to go. Having this understanding allows you to seek out an estate planning attorney who can provide exactly what you’re looking for.
2

Talk to several estate planning attorneys.
Talk to more than one estate planning attorney before you decide who to work with. You’ll find they all have a different way of working with clients, and some will seem like a better “fit” for your style. That’s OK...you want to trust them and have confidence in what they’re doing for you.
3

Understand the fees.
One of the major reasons people tend to put off estate planning is they’re afraid of the cost. Don’t let that deter you. Working with the right estate planning attorney means it needs to be a good financial fit, too. When you work with a Trust & Will estate planning attorney, it can be the best of both worlds...you get the expert estate planning advice you know you can trust, but it’s also affordable!

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Questions about your plan? Don’t rely on googling or guesswork - your support team is on the case. Even if we’re not in-office, we always respond as soon as possible. We’re here to make the process easy.

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