How do you pick an executor for your estate? Most people automatically consider a spouse, an adult child, or a sibling the executor. If there’s no spouse or no children, usually another family member, like a nephew, niece, or responsible child of a close friend, is a good alternative. Who you name to be your executor is an important decision and one to be made with care. Here’s information Beck, Lenox & Stolzer came across in an article in the Cleveland Jewish News that you might find helpful, “The right executor is key to honoring your wishes” .
The executor needs to be trustworthy, understand financial matters and have the time to take on the many tasks of this role. Rarely is there a perfect candidate. However, someone with the skills and can be trusted to fulfill the decedent’s wishes is the right pick.
It’s not unusual for a family member to not be fit for an executor’s responsibilities. No matter how much you love your spouse, if they can’t manage financial matters or have a history of making poor financial decisions, you may want to name someone else to serve as your executor.
Figuring out who can be the executor as far in advance as possible is as important as having an estate plan. Here’s a list of some of the duties of the executor:
- Gathering death certificates, usually from the funeral home, to notify various entities.
- Submitting the Last Will and Testament to the probate court for review.
- Notifying the Social Security Administration.
- Notifying your state’s Department of Motor Vehicles
- Establishing an estate account and applying for a tax ID number.
- Notifying financial institutions, financial advisors, CPAs, employers and health insurance companies.
- Gathering and managing all financial assets while the estate is being settled.
- If the decedent owned a home, ensure that the house is secured and maintained while the estate is settled.
- Contacting beneficiaries and coordinating with trustees if there are trusts.
- Paying estate taxes and personal taxes.
- Managing digital assets.
- Distributing the assets to heirs.
When the executor does their job, most of the time, it all goes smoothly. However, if the executor ignores the decedent’s wishes, the court can remove the executor. Someone who makes perfect sense as an executor on paper may not always be the best candidate for the job.
If you don’t have a will, the court will appoint someone to manage your estate and follow state law to determine who will receive your money and assets.
Everyone must have a last will and a comprehensive estate plan, whether they have a modest home or a mansion. This is not just Beck, Lenox & Stolzer saying that. It is common sense, just like having homeowner’s or auto insurance. It is also common sense to carefully select someone who will carry out your wishes. If you need guidance on creating an estate plan or advice on how to pick out your executor, contact us at Beck, Lenox & Stolzer. New clients can contact our office to schedule a free phone consultation or for faster results, click here to schedule the earliest possible appointment available.
Reference: Cleveland Jewish News (Feb. 3, 2025) “The right executor is key to honoring your wishes”
