SelfhelpMagazine

by Shirley Black, LLM

The worst has happened. In the prime of your life, you’ve been struck down and your family has been left without a proper executor. Now, when they should be coming together to comfort each other in their time of loss, they’re instead growing distant and beginning to argue about the proper distribution of your estate. One of the darkest times of their life has just gotten a little bit darker…

Most people don’t like to think about the prospect of their own death. This is quite understandable. However, you don’t need to become fixated on morbid topics in order to be prepared. Without an executor to properly oversee the distribution of your estate and assets, your death could become an even more traumatic event for your survivors. There’s no question that you don’t want to do this to them. What is up for questioning, however, is just how you go about making the right choice when it comes to choosing an executor.

What an Executor Does

On the event of your death, the first thing that a good executor will do is locate your will and begin to see to it that its wishes are carried out in full. In addition, they must identify the real value of your assets and see to it that they are properly distributed among the parties outlined in your will. Because your executor will be party to intimate knowledge of your family’s assets, you need to make certain the individual you choose is someone who you and your family can trust.

For this reason, many people choose a family member. The advantage of choosing a family member to act as an executor is that they have a much greater incentive to behave ethically, and there is usually no question about whether or not you can trust them to properly carry out your last wishes. At the same time, however, consider the family member you have in mind. If he or she would find it unduly stressful to handle executive responsibilities soon after your death, it might be unfair, and unwise, to ask this of them. In these cases, there are professional executors available who carry out the tasks of distributing your estate and assets in exchange for a fee.

Whatever you decide, be certain that your potential executors are informed that the legal responsibility for the proper distribution of assets lies with them, and that they might face difficulties with the law if they improperly execute their responsibilities.
Multiple Executors

Also bear in mind the possibility of using multiple executors. Many people who have an estate or assets to distribute have those assets divided up between a personal fortune and a family business. In this case, it’s entirely acceptable to assign a different executor to each one, so that their unique expertise can be of use.

In other words, it pays to match a person’s unique qualifications to the types of assets they’ll be distributing. While a family member with knowledge of the family assets might be best suited to distributing your personal estate, your business transitioning might be better handled by a trusted business partner.

Always Keep Your Choice Current

Once you choose an executor, be sure to go back and review your choice every year or so. Many times, the person you’ve chosen as executor will do something to indicate that they are a poor choice for the job, or you will simply change your mind. If this happens, you must be certain to change the official documents as soon as possible to be sure that your wishes are indeed carried out.

The time period following your death will undoubtedly be a tough one on your family. You mustn’t leave them with the added burden of having to handle the distribution of your estate themselves. Likewise, you mustn’t leave them with the possibility of an unscrupulous executor robbing them of what’s rightfully theirs.

For this reason, consider your choice of executor wisely, and pick someone who is qualified, willing to accept the legal responsibility, and more than anything else, trustworthy.

References

RSM Resources. (2007). How to choose an executor to carry out your wishes. Retrieved October 10th, 2008, from the RSM Resources Web site: http://www.rsmmcgladrey.com/RSM-Resources/Articles/Advantage/Personal-We...

Curtis, Glenn. (2007). Choose the Right Executor. Retrieved from the Forbes Web site: http://www.forbes.com/investoreducation/2007/05/02/investopedia-executor...

Author Bio

Shirley Black, LLM, is an Assistant Professor of Business Administration at South Carolina State University College of Business and Applied Professional Sciences Business Program. She has extensive academic experience with specialties in legal studies, tax, leadership and professional development.