4 Tips for Parents Choosing an Executor

Search online for "why parents should create a will," and Google will turn up scores of results, each article expounding the merits of pre-planning for the unexpected. Indeed, wills are an essential document for new, or seasoned, parents. They allow you to choose how you distribute your estate, make arrangements for inheritances and nominate a guardian for your kids - among other important decisions. 

However, precious few articles tackle who you should appoint to execute your wishes. An executor (also called an "estate trustee") is the person you appoint to administer your estate when you pass away. Their duties are wide-ranging and complex, including tracking down beneficiaries, distributing assets, cancelling credit cards, paying debts, and just generally living under a mountain of paperwork. 

Alongside appointing a power of attorney, choosing an executor is one of the most significant decisions you'll make for your last will and testament. If you haven't yet done so, appoint your executor(s) and power of attorneys at Axess Law by chatting with an online lawyer. 

Before you make a final decision, consider these four tips for choosing the right executor. 

Prioritize Trustworthiness and Knowledge

As mentioned in the intro, being an executor requires donning several different hats. Not only does your estate trustee have to handle the money side of things, but they also need to communicate with family.

Consider a person in your life with the following assets: excellent organization skills, some foreknowledge of finances, a trustworthy character, and - in cases where beneficiary disputes might arise - honed interpersonal skills. 

Credit: Sora Shimazaki Via Pexels

Consider the Person's Time and Prior Obligations

The role of an executor is time-intensive and labour-intensive. 

Understandably, you might want to choose that high-powered executive in your life that can handily oversee the human and financial aspects of a company. But consider their time and energy. Will they have time to dutifully, carefully execute your wishes and handle your estate? Or will your wishes command only a fraction of their attention? 

Avoid Co-Executor Conflict

It's common for people to name more than one co-executor. Perhaps you know one person with astounding financial prowess and another who's dutiful and organized - it makes sense to marry the two as executors who can divide and conquer. 

If you appoint co-executors, just make sure they get along. In other words, if you're thinking of appointing constantly quibbling siblings, you might consider reconsidering. 

Think about Proximity 

Traditionally, the role of an executor required the person to be physically present to unseal the will and obtain probate. As more legal processes go digital, physical presence isn't as much of an issue. 

Still, it might be wise to choose an executor who lives close by or who can comfortably travel. While it's possible to execute a will remotely, it's not without its hurdles. If you don't live near anyone who you consider trustworthy or knowledgeable enough to execute your will, you may consider turning to a professional corporate executor.

If you're a parent creating a will for the first time, and are stuck at the part of the will that asks you to appoint an estate trustee, consider the tips above. Take your time to mull it over, then speak with an online lawyer about revising your will to include the right executor.