Who is the best executor of an estate?

Consider People in Good Financial Situation. Name at least one younger successor.

Who is the best executor of an estate?

Consider People in Good Financial Situation. Name at least one younger successor. Think of someone who is patient and emotionally rooted. As with the appointment of an executor, you must first ensure that the person is comfortable in that position.

You should also let them know your wishes in advance (i.e., the role of executor is a big job). Your choice of executor must first and foremost be available. This means that they must be able, willing and local (ish). The ability to serve as executor means that your choice for this position must have the capacity to serve.

This means both legal capacity and personal capacity. Try not to choose a contemporary of your own. Instead, choose someone who is younger than you by at least a decade. Having a professional, such as a lawyer, accountant or corporate trustee, can be optimal, according to Guerriero.

Most people choose a close family member because they know them better. Most of the time, naming a spouse, partner, or adult child to be your executor of assets is often the most logical choice. But before doing so, it's smart to consider if they really are the best fit for the job. Why, you may ask? Well, for starters, they may not be interested in the work.

Before choosing someone, if they seem indecisive, reluctant or selfless, it may mean that they have no interest in being an executor and would prefer you to name someone else. If that's the case, can I encourage you to have a conversation (heart to heart) with them? Most importantly, make sure to appoint a professional corporate executor or alternate, to make sure there is an executor in place when it comes time to act. Here are some tips you should consider in choosing the executor of your estate, as well as the people you grant powers of attorney for your finances and health care before your death. The executor is a supervisor, manager, distributor and possible peacemaker in the execution of his succession plan.

A combination of an individual and corporate investment executor can be used, but should be carefully considered. While it's largely a labor of love, compensating your executor may be the best way to thank you. When you choose an executor, you want someone who is committed to putting the elements of your will into action and who is not distracted by beneficiaries who might be trying to influence your executor. If the will is complex, or if significant time is required in court, an executor may want to hire an estate attorney to assist in the management of the estate, also at the expense of the estate.

The actions of a good executor can make the difference between an unnecessarily lengthy probate process and the timely distribution of assets. When Tracey Woo, director of the professional practice group in the Royal Trust division of RBC Wealth Management in Toronto, talks to clients about choosing an executor for their estate, she often points out the disadvantages associated with the choice. Co-executor logistics means that each executor must sign all documents and must be involved in all decisions related to estate. Corporate executors are generally chosen because of their experience with asset management and because a corporate executor (hopefully) will always be there.

In conclusion, following the ABC of choosing the right executor can help make managing your estate much more efficient and conflict-free. Guerriero says one benefit of hiring a professional executor right from the start is that corporate trustees are neutral parties who don't get stuck in the emotions of the beneficiaries of the will. A person under the age of 18 may be named executor in a will, but he will not have the right to request succession until he or she turns 18.When there is more than one executor (called co-executors), the will can specify whether most or all of the trustees must agree on the decisions to be made. .

Kathy Broadbent
Kathy Broadbent

Award-winning pop culture guru. Avid bacon maven. Unapologetic internet evangelist. Total internet geek. Devoted food buff.

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