While the majority of people choose to appoint a close friend or family member as the executor of their will, if you don’t have anyone you can trust to fulfill the role or simply do not wish to burden someone that you know with the responsibility, there are a couple of other options:
1. Hiring a professional executor
An attorney or even a financial planner can be appointed as a professional will executor for your estate and will be able to handle all of the necessary tasks with ease.
If you decide you want to go down this route, you’ll need to find an attorney or financial planner with experience serving as an executor. Ideally, you should try to find at least two so that you can compare them in terms of their level of experience, reputation, fees, and availability.
Once you find a professional executor you feel happy to work with, you must take the time to talk over your plans for your estate with them, ensuring that they’re clear on what your wishes are.
Then, to make sure that the professional is officially and legally appointed as the executor of your estate, you’ll need to write down their particulars in your estate planning documents.
2. Naming a charity
If you regularly support a particular cause or would like to support one with a significant donation in the event of your passing, a charitable organization may accept the role of executor of your estate.
If you decide you want to name a charity as the executor of your will, you’ll need to be sure that their organization is in alignment with your goals and values and that they have a sound reputation and are financially stable.
Once you’ve selected an appropriate charity, it’s vital that you discuss your estate plan in detail with them to make sure that they fully comprehend your wishes.
Then, to ensure that everything is carried out correctly and in accordance with the law, you’ll need to include their details in the documents of your will. It might even be worth including that they can decline the role should they not wish to accept it.
It’s important to choose an executor of the estate wisely as, contrary to what many may believe, the role is a critical one from both a legal and administrative perspective. Responsible for making sure that the wishes of the deceased are respected and carried out, that any taxes and debts owed are settled in full, and that the distribution of the estate is in accordance with the appropriate beneficiaries, your chosen executor must be responsible, trustworthy, and fully aware of what the role entails.
Once your will has been written and you have selected an appropriate executor—be it an attorney, charity, family friend, or loved one—you can stop worrying about what will happen to your estate in the event of your death and concentrate on enjoying the rest of your life.
