Hiring the Right Executor

Choosing the right person to be executor can ensure yourassets will undergo a smooth transition. But selecting the wrong person can burden your heirs with financialhassles, family conflicts, and legal problems. Here are nine things to consider when reviewing candidates to be theexecutor of your estate:

1. Health.  Pick someone in good health who isyounger than you.  A dead or mentallyinfirm executor will be of little help in your estate administration.
2. Willingness.  Being an executor is a time-consumingjob.  Make sure your potential executoris up for it.
3. Intentions.  Don’t assume a potential executor knowswhy you’re leaving what to whom.  Makeyour intentions clear.
4. Expertise.  If you have a complex estate, choose someonewith expertise in managing assets or financial affairs.  Consider the professional executor servicesoffered by the big banks.
5. Proximity.  Try to choose an executor living in thesame jurisdiction as your assets.
6. Quantity.  Consider hiring a second or thirdexecutor.
7. Family.  Consider naming a family member as anexecutor who understands you and your intentions, but not if this may lead toconflict among heirs.
8. Review.  Every year, review your choice or choicesto ensure they are still competent. Also, have one or two backup choices.
9. Organization.  Ensure your choice as executor has a copyof your latest will and other important financial documents.

See James Dolan, Hiring an Executor, Advisor to Client,Sept. 5, 2013.