The Secret Formula to Choose Executors Successfully
Often I have seen clients put off making a will because they cannot decide who should be their executor. This is a problem especially for the elderly, and those without a spouse or children.
Are there any rules to choose executors or estate trustees? Some so-called “rules” are plain useless and can lead to terrible results.
Bad Rules for Choosing Your Executor
Here are some of the bad explanations I have heard from clients. Bear in mind these so-called “rules” by themselves are wrong if you base your decision on only one rule.
You must choose, as your executor, your:
- oldest child automatically just because that’s the rule
- oldest child’s spouse as an alternate executor
- child living near you even if he/she is not trustworthy
- accountants because they understand the business
- lawyers because they know the law and executor’s duties
- bankers because they are independent
- financial advisors because they know your investments
The damage caused by bad executors is reported daily in newspapers.
My law office receives requests almost daily from people asking:
What Can I Do About a Rotten Executor?
Removing a bad apple is complicated and expensive.
Most clients want advice to prevent suffering for their beneficiaries.
I have written a book called Choosing Executors: Your Formula for Success. In it, I clear up the mystery of choosing executors. When you finish this quick and easy read, you’ll understand:
- what an executor is supposed to do
- the 5 circles of executor responsibility
- the 5 criteria for selecting executors
- how to compare your available choices
- how to avoid conflicts of interest
- the uses of testamentary trusts, powers and benefits
- how to analyze all your alternatives with the Executor Scorecard.
You’ll be able to advise your clients on the best possible choices.
You need not become an expert on executor law. Your clients do, however, expect you to help them consider their options.
You can order Choosing Executors as an instant download. With my money back guarantee, you can’t lose.Posted In: Estates, Executors, Wills On: March 24th, 2011