Who Should Be My Executor?

This is the question I often am asked. Who should be my executor? In most cases, if you are married you pick your spouse. If you are not married, usually you pick one of your children or a close friend.

One mom told me she has three children and then proceeded to tell me one child is in jail for theft, one child has filed bankruptcy two times and the third child lives out of the country and comes home for his Christmas present. Whom should she pick she asks me. I told her this is a case where she needs to ask one of her good friends to be the executor.

This is a common problem and you need to choose the right person or will have a disaster on your hands when the executor takes all the money.

What if you don’t have a family member or friend you trust? What do you do? In some cases, your accountant, your attorney or even your bank can act as your executor.

If you choose an executor and the executor does not qualify to be the executor, then you can find that the probate court will appoint an administrator and the estate will incur additional bond fees in addition to the administrator fees.

If you have substantial assets or minor children, you may have to create a trust to avoid probate court and the bond costs. Again, trusts may be expensive to create, but the trust could save you thousands of dollars.

It is very important that you don’t make these decisions without proper advice from an attorney experienced in these issues.

Questions, comments or ideas about future articles contact me at jurban.gcu@gcuusa.com

Atty. John J. Urban