Who's the Boss of Your Will?

Helping your parents plan for their future is one of the most meaningful things you can do to support them. One critical piece of that planning is choosing the right executor of their will. But what exactly does an executor do, and why is it so important? Let’s break it down together so you can feel confident when having this conversation with your parents. Here we go!

What Is an Executor?

An executor is responsible for ensuring everything in someone’s will is carried out after they’ve passed away. They’ll handle tasks like distributing assets, paying off debts and taxes, and even dealing with any legal paperwork related to the estate. In short, the executor’s job is to make sure your parent’s wishes are followed and that everything gets handled as smoothly as possible. It’s a big responsibility involving a lot of detailed work and deadlines, so picking someone up for the challenge is essential.

Why Is the Role of an Executor So Important?

Think of the executor as the bridge between your parents’ plans and those they love. A good executor can make a tough time a little easier by keeping everything on track and avoiding unnecessary stress for the family. On the flip side, if the wrong person is chosen, it could lead to delays, misunderstandings, or even legal headaches. That’s why it’s so important to carefully think through who’s best suited for this role.

Traits That Make a Good Executor

When considering who should take on this role, here are some qualities to look for:

Trustworthiness: You need someone reliable who will honor your parents’ wishes in the letter. This person should be fair and impartial when working with beneficiaries.

Organizational Skills: The role involves juggling paperwork, legal filings, and deadlines, so staying organized is a must.

Financial Knowledge (or a Willingness to Learn): A background in managing finances or estates is helpful, but a willingness to learn about probate laws and estate administration works, too.

Communication Skills: The executor must interact with beneficiaries, creditors, and attorneys—often as a mediator during disputes.

Calm Under Pressure: This is not a low-stress role. An executor should be able to remain composed and make rational decisions, even in emotional situations.

Availability: Handling an estate can take months or even years, so the executor needs the time and dedication to see the process through.

Traits to Avoid in an Executor

While you’re considering candidates, here are some traits that may indicate someone is not the best fit:

Unreliable or Inconsistent: If they’re frequently late or forgetful, this role might be too much for them.

Conflict-Prone: Someone who tends to argue or clash with others might make the process more difficult.

Overwhelmed by Legal or Financial Matters: If the person isn't comfortable with the administrative side of things and hesitates to seek professional help, this could create delays.

Overly Emotional: Someone too close to the deceased or beneficiaries may struggle to stay objective.

Indecisive: Hesitation can slow down the process, causing additional stress for everyone involved.

Essential Documents for Your Executor

To set the executor up for success, it’s crucial to provide them with the right tools. Here’s a checklist of documents to organize ahead of time. They don’t need to possess them immediately. Still, they should know and have access to the location (safe, safety deposit box, etc..) where they are held.

1. Last Will and Testament or Trust: The foundation of your parents’ estate plan.

2. List of Assets and Liabilities: An inventory of bank accounts, investments, property, and debts.

3. Contact Information for Key Professionals: Details for the attorney, accountant, and financial advisor.

4. Banking and Financial Information: Account numbers, login details, and bank contacts.

5. Insurance Policies: Copies of life, health, home, and auto policies.

6. Tax Records: Recent returns and any documents needed for the final filing.

7. Real Estate Documentation: Deeds, titles, and property tax records.

8. Business Documents (if applicable): Contracts and operating agreements.

9. Funeral or Burial Instructions: Written plans or details of prepaid arrangements.

10. Beneficiary Contact List: Updated contact information for everyone named in the will.

11. Passwords and Digital Accounts: A secure list for managing online assets or closing accounts.

12. Safe Deposit Box Information: Location and authorization details.

Final Thoughts

Choosing an executor is a big decision, but it doesn’t have to be overwhelming. By discussing these traits and organizing essential documents, you’re helping your parents make informed choices and giving them peace of mind that their wishes will be carried out with care and professionalism.

And remember, you’re not alone in this! If you have questions, we are here to help. Schedule a consultation, and we will tackle this step by step.