How to Choose an Executor

Part of the estate planning process is choosing a responsible estate executor, someone who will look after the interests of your estate. The executor is responsible for managing your assets, paying debts, and ensuring your final wishes are carried out. Selecting the right person is essential to ensuring a smooth estate administration process.

1. Understand the Role of an Executor

An executor is responsible for:

• Locating and securing all estate assets
• Paying outstanding debts, including taxes
• Distributing assets according to the will
• Managing legal and financial matters related to the estate
• Filing tax returns and obtaining a tax clearance certificate

Given the complexity of these tasks, the person you choose should be capable of handling financial and legal responsibilities.

Learn more about executor responsibilities.

2. Key Qualities of a Good Executor

The best executors are:

• Trustworthy: They must act in the best interests of the estate and beneficiaries.
• Organized: Managing deadlines, paperwork, and financial matters requires strong organizational skills.
• Financially Savvy: Some financial knowledge helps in managing estate assets and tax obligations.
• Impartial: The ability to remain neutral when family disputes arise is essential.
• Available: Executors must commit time to estate administration, which can take months or even years.

3. Who Can Be an Executor?

Executors can be:

• A family member (spouse, adult child, sibling)
• A trusted friend
• A professional executor (lawyer, accountant, trust company)

Consider choosing someone who is willing and able to take on the role. If the estate is complex, a professional executor may be a better option.

Find out more about naming an executor.

4. Can You Appoint Multiple Executors?

Yes, you can appoint more than one executor. Co-executors can share responsibilities, but they must agree on key decisions. This can be useful if:

• You want to balance responsibilities among family members.
• One executor has financial expertise, while another is familiar with family dynamics.
• You want to ensure oversight and prevent conflicts of interest.

However, having multiple executors can also lead to delays if they disagree on how to administer the estate.

5. Consider Naming a Backup Executor

If your primary executor cannot fulfill their duties due to illness, death, or other reasons, a backup executor (alternate executor) ensures that the estate can still be managed effectively. Naming an alternate in your will prevents court-appointed administrators from taking over the estate.

Learn more about estate succession planning.

6. Discuss the Role with Your Chosen Executor

Before finalizing your decision, speak with your chosen executor to confirm they are willing to take on the responsibility. Provide them with a general overview of your estate and ensure they understand your expectations.

7. Formalize the Appointment in Your Will

Once you’ve chosen an executor, include their name in your will to make it legally binding. Work with an estate lawyer to ensure your will is properly drafted and executed.

Understand the legal process of drafting a will.

8. Review Your Choice Periodically

Circumstances change over time. Regularly review your estate plan and update your executor choice if necessary due to:

• Death or incapacity of your executor
• Changes in relationships (divorce, estrangement, new family members)
• Changes in financial complexity requiring professional expertise

Choosing the right executor ensures your estate is managed smoothly and according to your wishes. Consider their capability, willingness, and financial acumen before making a decision. If your estate is complex, consulting an estate lawyer or financial advisor can help you make the best choice.