At some point in the estate planning process, you will face a profoundly important question: “Who should execute my will?” Many people make this choice without much help, but it greatly affects how easily your assets will reach your loved ones.
Choosing the right person for this role can protect your wishes and prevent problems with your estate. The wrong choice might lead to unnecessary complications for those you leave behind.
Role of an executor
An executor takes on significant responsibilities after your death. The person you select must file your will with the probate court, pay outstanding debts, file final tax returns and distribute assets to your beneficiaries.
In California, executors must follow specific legal procedures outlined in the California Probate Code, including formal inventory filing and court appearances.
Factors to consider
Before naming someone for this important role, consider these essential qualities:
- Trustworthiness: Choose someone who will respect your wishes and act with integrity.
- Financial responsibility: Your executor will handle all your assets and debts
- Organizational skill: The probate process involves numerous details and deadlines.
- Availability: The role typically requires 12-18 months of active commitment.
- Geographic proximity: California law allows out-of-state executors but imposes additional requirements.
- Emotional stability: This person must make clear decisions during a difficult time.
It is important to note that California law requires executors to be adults of sound minds with no felony convictions. Banks and trust companies can serve as professional executors.
Making your final decision
Talk directly with your potential executor before naming them in your will. Many people feel honored by the request but must understand the responsibilities involved. You can name alternate executors in case your first choice becomes unable or unwilling to serve.
Remember, your executor selection ranks among your most important estate planning decisions. Take time to choose carefully. Often, it is best to consult a qualified attorney to ensure you make the best choice for your specific circumstances.