Choosing an executor is one of the most important decisions you make when creating a will.
Your executor is the person responsible for carrying out the instructions in your will after you pass away. That may include managing estate assets, paying final debts and taxes, communicating with heirs, working with the court when required, and distributing property to your beneficiaries.
It is a role built on trust, organization, and responsibility.
At True North Wealth Management, we work with clients to make estate planning more accessible through our relationship with Trust & Will, an online estate planning platform that allows clients to create important documents and choose the executor who will help carry out their wishes.
Why the Executor Matters
Even highly accomplished people can make mistakes when it comes to estate planning.
U.S. Supreme Court Justice Warren Burger reportedly left behind a very short will that did not give clear powers to his executors. As a result, his estate faced additional legal complications and expenses.
The lesson is simple: having a will matters, but having a clear, well-structured plan matters too.
Naming the right executor can help reduce confusion, minimize delays, and make the process easier for loved ones during an already difficult time.
What Does an Executor Do?
An executor may be responsible for:
Managing estate assets
Paying debts, final bills, and taxes
Communicating with beneficiaries
Working with attorneys, courts, or financial institutions
Locating important documents
Distributing assets according to the will
Keeping records of estate-related activity
The exact responsibilities may vary depending on the size of the estate, state law, the type of assets involved, and whether the estate must go through probate.
Who Should You Choose as Executor?
Many people name a spouse, adult child, sibling, close friend, or trusted family member as executor. In many cases, that can work well.
However, the best executor is not always the person closest to you emotionally. It should be someone who is capable, trustworthy, organized, and willing to take on the responsibility.
A strong executor is usually someone who:
Communicates well
Handles details responsibly
Is comfortable with financial matters
Can stay calm during emotional situations
Is respected by your family or beneficiaries
Will follow your wishes, even if others disagree
Has the time and ability to manage the process
Because this person may be handling sensitive financial and family matters, trust is essential.
Should You Name a Professional Executor?
In some situations, it may make sense to consider a professional executor, such as a bank, attorney, trust company, or other qualified professional. This may be helpful when an estate is large, complex, or likely to involve family conflict.
A professional executor typically charges a fee, which is usually paid by the estate. While this may add cost, it can also provide neutrality and structure.
For families where naming one child or sibling could be viewed as favoritism, an outside party may help reduce tension.
Location Can Matter
When possible, choosing an executor who lives nearby may make the process easier. Court appearances, property issues, mail, records, and local responsibilities can be simpler when the executor is close to where the estate is being handled.
Some states may also have rules or additional requirements for executors who live out of state. It is important to review the laws that apply to your situation.
Talk to the Person First
Before naming someone as executor, have a conversation with them.
Make sure they understand the role, are willing to accept it, and know where to find your important records. You may also want to name one or two backup executors in case your first choice is unable or unwilling to serve when the time comes.
This small step can prevent a lot of confusion later.
Using Trust & Will Through TNWM
Estate planning can feel overwhelming, but it does not have to be ignored.
Through our work with Trust & Will, True North Wealth Management helps clients take practical steps toward creating or updating their estate plan. Trust & Will allows clients to build estate planning documents and designate important roles, including the executor named in their will.
For many families, this can be a straightforward way to get essential planning documents in place while still keeping the broader financial plan in view.
What Happens If There Is No Will?
When someone dies without a will, state law generally determines how assets are distributed. This may not reflect the person’s wishes and can create additional stress, delays, and conflict for loved ones.
Several famous individuals reportedly died without a valid will, including:
Jimi Hendrix
Bob Marley
Sonny Bono
Pablo Picasso
Howard Hughes
Abraham Lincoln
Their stories are a reminder that estate planning is not just for the wealthy. It is for anyone who wants to make things clearer and easier for the people they leave behind.
Make Your Wishes Easier to Follow
The days and months after losing a loved one can be emotionally difficult. A clear estate plan, paired with the right executor, can help your family understand your wishes and reduce unnecessary confusion.
If you have not created a will, have not updated your estate plan recently, or are unsure who to name as executor, True North Wealth Management can help you take the next step.
Through our relationship with Trust & Will, we can help make the process more approachable so you can protect your loved ones, clarify your wishes, and move forward with greater confidence.
Source: LegalZoom.com, September 1, 2023
1. Washingtonpost.com, 2023
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite and customized by True North Wealth Management LLC to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.