Choosing an Executor FAQ
Who should you pick--and must that person serve?
What's Below:
Are there restrictions on whom I may choose as my executor?
What is an executor?
The executor (called a personal representative in some states) is the person named in a will to be in charge of winding up the person's financial affairs after death. Basically, that means taking care of property, paying bills and taxes, and seeing to it that assets are transferred to their new rightful owners. If probate court proceedings are required, as they often are, the executor must handle them or hire a lawyer to do so.
How do I choose an executor?
Common sense, conscientiousness, and honesty are the main requirements.
The person you choose should be honest, organized, and good at communicating with people. If possible, name someone who lives nearby and who is familiar with your financial matters; that will make it easier to do chores like collecting mail and finding important records and papers.
Many people select someone who will inherit a substantial amount of their property. This makes sense because such a person is likely to do a conscientious job of managing your affairs after your death. He or she may also know where your records are kept and understand why you want your property left as you have directed.
No matter who you pick, make sure the person is willing to do the job. Discuss it together before you finalize your will.
Are there restrictions on whom I may choose as my executor?
Generally, you can name anyone you want to be your executor. In most states, the only people who can't serve as executors are children under 18 or convicted felons.
Some states do, however, impose restrictions on out-of-state executors. For example, a few require that an out-of-state executor be a relative or a primary beneficiary under your will. And some states require that a nonresident executor obtain a bond (an insurance policy that protects your beneficiaries in the event of the executor's wrongful use of your estate's property) or name an in-state resident to act as the estate's representative.
Does the person named in a will as executor have to serve?
No. When it comes time, an executor can accept or decline this responsibility. And someone who agrees to serve can resign at any time. That's why you should name an alternate executor in your will -- a person who can take over from the executor if necessary. If no one is available, the court will appoint someone to step in.
Does an executor get paid?
The main reason most people serve as an executor is to honor the deceased person's request. But the executor is also entitled to payment. The exact amount is regulated by state law and is affected by factors such as the value of the deceased person's property and what the probate court decides is reasonable under the circumstances. Commonly, close relatives and close friends (especially those who are inheriting a substantial amount anyway) don't charge the estate for their services.