Choosing Your Executor
When you make a will, you must choose an executor. The executor is the person who must carry out the instructions in your will after you die.
Being an executor is a big responsibility. It usually includes:
- Arranging your funeral
- Finding your original will
- Making a list of all your property
- Applying to the court for letters probate, if necessary
- Paying your outstanding debts
- Filing tax documents
- Distributing your property as you’ve outlined in your will
Your executor must keep detailed records about everything they do with your estate. Your executor may need to hire professionals, like an accountant or lawyer, to help manage your estate. They can use your estate to pay cost of hiring those professionals, as long as the expenses are reasonable.
Some estates are simple to manage, while others are more complex. Think about what skills your executor will need to manage your estate. A lawyer or accountant may be able to advise you on choosing a good executor.
Your executor must be at least 19 years old and should be someone you trust.
Your executor could be:
- A close friend or family member,
- A Trust Company, lawyer, or other professional, or
- A Public Trustee.
You should talk to the person you want to be your executor before you name them in your will. Your chosen executor can refuse the position even after you have died.
Your estate must have someone to manage it. The Probate Court will need to appoint an administrator to manage your estate if:
- You choose not to name an executor,
- Your chosen executor refuses to accept the role,
- Your chosen executor is removed by the Probate Court, or
- Your chosen executor dies before you.
The Probate Court usually chooses a member of your family or another appropriate person as administrator, but they might not choose someone you approve of.
Family and friends
Many people appoint a family member, like their spouse or child, or a close friend as their executor. You may wish to choose this option if the person you want to appoint is:
- Someone you trust,
- Someone with the skills needed to manage your estate, and
- At least 19 years old.
Some people choose a business associate as their executor if the associate is skilled, honest, and knows the beneficiaries. If your estate includes shared business interests, it is usually better not to name your business partner as your executor.
Trust company, lawyer, or other professional
Trust companies and estates lawyers have experience with estate law, tax law, investment management, real estate, business administration, and more. This experience can make administering your estate much easier.
This option may be right for you if:
- Your estate is large or complicated, or
- You don’t have a friend or family member you want to appoint as executor.
Discuss this with the trust company or professional before you name them in your will to make sure they agree to be your executor. They usually charge a fee for their service as your executor.
Public Trustee
As a last resort, if you do not have anyone available to act as your executor, you can appoint the Public Trustee. You should contact the Public Trustee office before you name them as executor to get approval and to learn what the next steps are. The Public Trustee will charge you a fee for being your executor.
The Probate Court may also appoint a Public Trustee to manage your estate if there is no one else to do so after you have died.
You can name multiple or alternate executors in your will. Naming multiple or alternate executors makes it more likely that someone you chose will manage your estate.
Sometimes the person you’ve chosen as your executor is unable to manage your estate when you die. They may refuse to be your executor, they may be removed by the court as your executor, or they may have died before you. If you have multiple or alternate executors, they become responsible for managing your estate.
If there is no executor available, the Probate Court must appoint an administrator to manage your estate. They may choose someone you don’t approve of.
You can name both multiple and alternate executors in your will.
Multiple Executors
Choosing multiple executors means that you list two or more people to manage your estate at the same time. This may be helpful if you have a large or complicated estate. However, sometimes when multiple executors are all family or friends, it can be very difficult when they disagree about how to manage your estate. You should outline in your will how your want your multiple executors to manage your estate and how to settle any disagreements.
Naming a neutral third-party professional, like an accountant or a lawyer, who has experience managing estates as one of your executors can be helpful. Professionals may be able to quickly resolve any questions or concerns that arise.
Alternate Executors
An alternate executor is like a replacement executor. An alternate executor only becomes your executor if your first executor:
- Refuses to be the executor,
- Dies before you, or
- Is removed by the court as executor.
If your executor dies before you then you should choose another one right away. You do not have to make a new will. You can name your new executor by adding a codicil to your will. This is a document that changes a will without replacing it. A lawyer can explain how to change your will.
If you do not name a new executor, and there are no alternates, then the Probate Court will need to appoint an administrator to manage your estate when you die. The person they choose may not be someone you approve of.
Executors have the right to be compensated for managing your estate. In your will, you can say how much your executor will be compensated and then they can pay themselves using money from your estate.
If you don’t put in your will how much you executor is to be compensated, then they can apply to the Probate Court for reasonable compensation. The compensation and any legal costs for making the application to the Probate Court will be paid for from your estate.
If there are multiple executors, they will share the compensation that you or the Probate Court provides. Executors will have to pay taxes on their compensation.
Family members and friends may agree to be your executor for free.
Professionals, like a lawyer or an accountant or a trust company, will expect to be paid for executing your will. Make sure you and the professional are clear about how much the service will cost and how it will be paid for, if you choose this option.