How to Choose the Right Executors
This is my last post in my series Choose Executors Wisely.
Here are my previous 4 posts:
- Make Sure Your Executor Isn’t Dracula
- The Right Executors Save You Money
- Choosing Who Protects Your Money Made Easy
- Who is the Right Person to Protect Your Money
Bad executors can sabotage your estate and destroy your family’s inheritance. Choosing executors wisely protects your family’s money.
Simple Rules for Choosing the Right Executor
No one choice of executor works for everyone. That means what’s good for your family may not work for mine. Choices are very personal.
Family always come first, though, unless there is good reason to choose someone else.
Have Lawyers Confirm Your Executor Choices
Professional advice will help you. Many people are afraid of what this advice will cost.
No kidding – asking lawyers to outline all of your possible executor choices can take a while.
Use my tips to narrow down your choices. Then talk with your lawyer. Shortlist your best personal options and get advice about your executor choices.
Checking your choices with a lawyer gives you an added bonus.
Add Special Will Clauses for Executors
Lawyers can include special powers or terms in your will. You can outline how your executor is to handle your special needs. These can aid and protect your executor and your estate.
Make things easier for your executors. This will save your family grief, time and money.
That’s the best investment to protect your money and family.
Top 10 Tips for Choosing Executors
- You can name executors only in your will. You cannot name an executor by sending an email.
- Name a backup executor if your first choice is not able or available to act. It does not cost extra to add a name when you make your will.
- Consider the executor’s age, health and willingness to work. Your executor should not be older than you are.
- Geographically, closer is better. Executors need to act quickly. They should live nearby.
- Family first — unless you have good reasons. But don’t name a relative you haven’t spoken to in years.
- Trustworthiness is more important than expertise. Most executors don’t need experience but honesty.
- Only use professionals with estate experience. Your bankruptcy lawyer may not be the best choice.
- Trust companies work for complex and long-term estates. They may be the only long term solution for most.
- Keep financial records to help your executor. Your executor should not have to be Sherlock Holmes.
- Today’s right choice of executor can be the wrong choice tomorrow. Continue to review your choice of executors.
What about Rachel?
She was single with 3 young children and worried if something happened to her. Rachel’s choice of executors will depend on:
- The ages of her children
- Who will be her children’s guardian
- Who lives nearby to raise the children
Rachel may want an independent person investing the children’s money. What if this is for 5 years or more? Rachel’s long term solution and the right choice may be a trust company.
Thank you for reading my posts about picking your executors.
Use these tips to re-evaluate your choices. That way you can ensure you get the right executors.
Next, I will post a link to my free guide: Choose Executors Wisely.
Need a consultation to get the right executor? Contact me now.
About Edward Olkovich
Executors facing estate challenges call upon Ed Olkovich who is a Toronto estate lawyer and Certified Specialist in Estates and Trusts Law. Ed is an author and edits Carswell’s legal guide Compensation and Duties of Estate Trustees, Guardians and Attorneys. He has resolved estate disputes and probate problems since 1978. © 2016Posted By: Ed Olkovich In: Executors, Wills On: May 30th, 2016