When it comes to choosing the executor of a will, the person selected must be someone who is responsible, trustworthy and mature. You can select one or more executors to be co-executors. Alternates must be appointed in case the selected executor is unable to deliver for any reason at any time. The most important quality your executor should have is responsibility.
You don't need to be a lawyer, accountant or financial planner to be an executor. You just need to be responsible enough to hire the right people to help you, address estate issues quickly, communicate effectively with beneficiaries, and make difficult decisions when needed. Remember that an executor is paid a commission for doing their job, so you should expect them to fulfill their responsibilities as you would any other job. For financial powers of attorney, the person must have the same general characteristics as the executor.
Your choice of executor must first and foremost be available. This means that they must be able, willing and local (ish). The ability to serve as executor means that your choice for this position must have the capacity to serve. This means both legal capacity and personal capacity.
Try not to choose a contemporary of your own. Instead, choose someone who is younger than you by at least a decade. Many people choose their spouse or civil partner, or children, to be executors. At least one of your executors must be over 18 years of age at the time of requesting succession, which is a legal document that gives you the right to resolve the affairs of someone who has died. Most people choose a close family member because they know them better.
Most of the time, naming a spouse, partner, or adult child to be your estate executor is usually the most logical option. But before doing so, it's smart to consider if they really are the best fit for the job. Why, you may ask? Well, for starters, they may not be interested in the work. Before choosing someone, if they seem indecisive, reluctant or selfless, it may mean that they have no interest in being an executor and would prefer them to name someone else. If that's the case, can I encourage you to have a conversation (heart to heart) with them?Almost anyone can be named executor of a will in BC.
This may include the beneficiaries named in the will, a spouse, a best friend, or even an attorney. The only requirement is that the executor is not a minor (must be 19 years or older). Keep in mind that just because someone can be appointed executor does not mean that they will be a good executor. Being an executor can be hard work. First of all, if you are married, you should consider naming your spouse as your executor.
Your spouse has the greatest interest in your life and death, and it makes sense for him or her to be in control of finances. Your spouse is also more likely to be the person around whom the rest of your family, such as children and their surviving siblings, will revolve around your death. If your estate is large and complex, it may seem like a second full-time job for your executor as he works to manage your estate. If the bail bond company considers an executor to be a serious financial risk and does not issue a bond, the court will likely not allow your choice of executor to be appointed. If you're not sure who should be the executor of your estate, contact an experienced probate attorney today.
It's important to carefully consider who you name as executor of your estate, and in cases of co-execution, it's essential that executors can work well together. The executor of your will is the person you designate to guide your Minneapolis estate through the probate process which is the court procedure by which a judge oversees the division of your estate. The executors are tasked with acting in the best interest of the beneficiaries of the estate following closely the instructions left in the will. This can be done by explicitly naming the person (“If my husband is unable to serve I name my friend Liza Cortez”) or by creating a mechanism in his will (“All my children who are at least 30 years old at the time of my death will serve as successor co-executors”).
When there is more than one executor (called co-executors), the will can specify whether most or all of the trustees must agree on decisions to be made. If your estate requires a service such as removing furniture from your apartment your executor may be able to hire a company to do it for you and pay a responsible party to be present while service is being provided. However it's a good idea to choose two executors in case one of them dies before you or “give up succession” if they don't want job. Review requirements of your state's probate law or ask your estate planning attorney before choosing an executor.
For example I recently had client who insisted that naming single child as executor rather than both children as co-executors would be considered favor child named executor.
