Who should be my Executor?

I’ve been reading a lot lately about selecting an executor (or estate trustee) for your will.

Many of the articles I’ve read point out that asking someone to be your executor is not done to “honour” a person as your selection. It should be done with the thought of who you trust to fulfil the requests of your will and who can handle the responsibility.

Being the executor of a will is a heavy responsibility. I have seen the responsibility be so overwhelming for an executor, they quit. I have seen challenges to the executor’s actions cause dissention with the beneficiaries. I’ve seen it damage pre-existing relationships between the executor and the beneficiaries. I’ve seen wills with multiple executors, struggling to understand and carry out the instructions left to them. And remember in all of these situations the executor could not ask you the testator what they wanted or how to solve the problem. See why picking the right executor is so important?

So how do you get the right executor? Well, here is some of what my reading has imparted.

• Try to keep the numbers down. Remember the old adage “too many cooks spoil the broth”? The same could be said about executors. Remember that unless your will gives an override or veto power to one of your executors over the others (which could in itself cause friction), your executors are going to have to agree about how to carry out your wishes. So, in this case the fewer might be the better.

• Be clear in your instructions. Don’t leave it for you executor to try to understand what you meant in a particular clause or request. If you want to leave your snow globe collection to Aunt Tessie, then say so. If you don’t want to put every item you own in the will, consider providing your executor with a memorandum, saying who gets what. Make sure though that the memorandum pre-dates the signing of the will and is mentioned in the will itself.

• The responsibilities for an executor can extend over a considerable period of time. There is an expectation for an executor to have at least a year, sometimes referred to as the “executor’s year”, if not longer to deal with all the matters of an estate. How complex it is can impact how long it might take an executor to finalize an estate. The time burden itself should be kept in mind when choosing an executor.

• In addition to the time commitment placed on an executor, there is also the financial responsibility the executor has for the estate. This does not mean the executor is responsible for paying anything to the estate. It does mean though that they will be responsible for ensuring the estate has paid all required taxes, including the estate taxes (or probate fees). It also means that the executor will be responsible for selling any property or properties of the estate so that the profits can be distributed to the beneficiaries or so that the estate has the liquidity to pay off any debts, which by the way the executor is responsible to ensure happens. The executor is also responsible to file the final death year income tax for the testator and to also file any previous year’s returns that still may need to be filed. So, as you can see there are several financial responsibilities for the executor. Important to keep in mind as you select your executor. So, if the person you are considering as your executor struggles with their own financial obligations, they may not be the person to choose.

• While the language I have used throughout this post have suggested that you choose only one executor, it does not mean you cannot have more than one. It just means it is a good idea to keep the number reasonable. It is also important to have alternate executors. In case your chosen executor cannot or does not want to act, with alternate executors, you can still have a say in the person who is carrying out your wishes.

So, just a few small suggestions, brought to my mind by my reading, that I hope will be helpful. Planning about selecting an executor is a decision that you should talk about with the lawyer doing your will. She can talk to you about your options and provide some insight at what to look at in selecting someone to act. Remember though that is still your choice. That the person who acts as executor of your estate is your right to name in your will and naming someone as executor can still be an honour. Just make sure it is an honour because of the wisdom of your choice.