Tips for Choosing an Executor

Most folks pick a spouse or other family member to serve as executor and in most cases, that choice is appropriate. However, if you have a large estate, feuding family members or even stepchildren, you may want to select someone else. Your executor should be:

• Sophisticated enough to understand fiduciary responsibility, which is basically acting in a prudent manner on the behalf of someone else. In this case, on behalf of the estate. The executor's personal interests may conflict with the estate. Can the person you choose understand and honor the distinction?
• Well-organized and detail-oriented. The executor needs to be able to juggle a variety of tasks such as filing insurance claims, filing tax returns, assessing and paying debts and collecting detailed asset information.
• Play well with others. The executor works closely with other family members, the estate attorney and sometimes CPAs and other professionals.

For more info on duties of the executor, click here.

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Comments

[STACY CHANDLER]

MY FATHER A RESIDENT OF LOUISIANA DIED AND LEFT MY BROTHER ON WHOSE PROPERTY HE LIVED, EXECUTOR OF HIS ESTATE. THERE IS A MENTALLY/PHYSICALLY CHALLENGED BROTHER WHOM THE ESTATE IS LEFT TO FOR HIS CARE/EXPENSES. UPON HIS DEATH, THE REMAINDER OF THE ESTATE IS TO BE DIVIDED BETWEEN MYSELF AND MY BROTHER THE EXECUTOR. HOWEVER, MY BROTHER THE EXECUTOR APPEARS TO BE USING FUNDS FOR HIS OWN PERSONAL EXPENSES ETC. IF I CHOOSE TO AUDIT HIS HANDLING OF THE ESTATE THUS FAR, IS THIS EXPENSE PAID FOR BY THE ESTATE SINCE I AM ALSO AN HEIR, OR DO I HAVE TO INTIATE THIS AS MY OWN EXPENSE. ARE THESE AUDITS DONE/OR EXPECTED ROUTINELY, OR ONLY IF MISCONDUCT IS INVOLVED?

[Laurie Kadair Redman]

Stacy,
Thank you for your comment. You pose a very good question. In general, executors are required to periodically account for their financial management of the estate and this expense is borne by the estate. The rules regarding accounting vary depending on the type of administration. Please contact me directly if you would like a consult on your particular case.

[Richard]

My mom lives in Louisiana and I live in Virginia. I assume Virginia to have different estate laws. Do you have any idea what the differences are. Does the executor always have to live in Louisiana if my mom lives in Louisiana? All her assets are in Louisiana.

[Helen Garza]

My father died and my mother is still living. My youngest sister has been appointed Executor of my mothers Revocable Living Trust. I am listed as beneficiary along with my other two older sisters. My mother and my youngest sister will not let us see the latest changes/amendments that were made to the trust, and they are both telling my two sisters and I that we do not have the right to see the latest changes to the trust, and it is none of our business. My two sisters and I are being completely shut out of the trust. I checked with the conveyance office and was given an old copy of the original trust. The clerk told me they do not have a record of any current changes that were made to the trust. What can I do legally???

Thank you for any advice given.