If you have not yet prepared a will and are considering doing so, you will need to determine who to appoint as executor. An executor (or executrix) is the person responsible for carrying out the instructions of your will. If you already have a will and it is time to reexamine the terms of your will because of the passage of new laws or if it has been more than five years since you executed your will, consider who you have appointed as executor. Is the person still alive, willing and able to serve?
What if you decide not to bother preparing a will or fail to update your will when your executor passes away? In that event, the Register of Wills (or Probate Office depending on the county) of the county in which you reside will appoint an administrator for your estate. An administrator is the term used instead of executor for the person responsible for managing the distribution of the assets in the estate when you do not leave a will or if the will fails to name an executor able or willing to perform. Usually, the person appointed will be the spouse or adult child of the decedent, but not always. If, for example, the court has reason to believe that there could be a conflict of interest, the court may decide that a more distant family member, an unrelated party, or even a creditor of the estate is appropriate. This could happen when a conflict between adult children of the decedent is disclosed to the court. Another example is when the individual who has priority to serve as administrator is unavailable or unwilling to act. In this case, the individual may renounce his or her right to serve.
When deciding who to appoint as executor, considerable knowledge of financial matters is not necessarily the most crucial factor. Rather, trust and personal integrity tend to be the qualities most desired in an executor. Keep in mind, an executor is able to seek assistance from an attorney or other consultant. An ideal executor would be someone of legal age who you trust, who has a solid base of financial knowledge, personal integrity, a familiarity with the needs of your estate, such as a family business, and who is competent and available to take on such a responsibility. In many cases, this decision is not a difficult one, and a spouse, sibling or adult child is the obvious choice. But what happens if you cannot find anyone who you believe could handle your estate competently? If the estate is substantial, one alternative to consider is naming a professional executor, bank or trust company which has a department specializing in estate administration. For more modest estates, this option may not be feasible due to the fees such institutions charge. Other possibilities include attorneys, accountants and other professionals with whom you have developed a relationship of trust.
On the other hand, what if you cannot decide between two equally qualified persons or if you have two adult children and you wish to avoid the appearance of favoritism? Can you appoint both? Appointing co-executors is possible, but be aware that conflicts may arise. Many times, choosing one as primary executor and the other as an alternate is the most efficient way of handling the estate.
While few executors will possess all of the ideal attributes, an attorney experienced with estate administration nevertheless will be able to assist the executor you choose.
Now that you have weighed all of these considerations and have chosen an executor; do it again. You will need to choose an alternate in the event the named executor predeceases you, fails to qualify or is unwilling to act.
Finally, once an executor and an alternate executor have been chosen, don’t forget to let them know. Your selections may be meaningless if the persons object to the appointment.
— Denise Ciampitti