As an Atlanta probate attorney, I have witnessed the consequences of a poorly-chosen executor on the administration of an estate. Choosing who will be the executor of your estate is a big decision, and your executor shouldn’t be chosen based on who is your closest family member or friend but on who is qualified for the job and will be able to best administer your estate. An executor of an estate has a serious fiduciary obligation and should be chosen wisely.
Executors are responsible for the timely and competent administration of an estate. Their duties include probating the will in the court which holds jurisdiction, accounting for all of the money held in the estate, paying estate taxes, and managing costs associated with funerals and other matters. Therefore, your pick for executor needs to be responsible, detail-oriented, and have a proven ability to manage money.
The duties of an executor are time-consuming. The administration of an estate can sometimes take years to complete. Therefore, when choosing your executor, it’s important to choose a person who not only will be able to shoulder these responsibilities, but who also will likely live long enough to complete their responsibilities. As this Forbes article states, “your choice should balance maturity with an expectation that the person will significantly outlive you.”
Additionally, many people opt to nominate co-executors. I discussed this issue briefly in a previous blog post. The decision to nominate co-executors can be unwise because it can cause unnecessary delays and difficulty in administering an estate. The co-executors would need to agree unanimously on all decisions made in the estate. This can lead the administration of your estate to drag on for longer than necessary and can cause tension between your selected co-executors.
As an Atlanta estate planning attorney, I have years of experience with assisting my clients in drafting wills and other estate planning documents. If you have questions about executors, or if you would like to discuss an estate plan for yourself, please email me or call my Atlanta probate firm at (404) 445-7771.
