The Job of Executor

Many people think that the job of being an executor for a friend or family member is more an honor than it is real work.  Not true.  The job can be very difficult, time-consuming and can strain relations with beneficiaries. 

Choose your executor carefully.  If you choose an individual, that person should have some business, legal or financial experience.  They should be detail-oriented and have time available to spend on the job.  If you don't have a friend or family member who meets this description, it may be best to choose a corporate executor, such as a bank or trust company.  A corporate executor will charge a fee but will do a careful and professional job and relieve your friends and family members of the responsibility.

Of course every estate is different, and it is the larger and more complex estates where the job can be particularly burdensome.  The poem below summarizes in a humorous way some of the problems.

THE EXECUTOR

I had a friend who died and he,
On earth so loved and trusted me,
That ere he quit this earthly shore,
He made me his executor.
He tasked me through my natural life,
To guard the interests of his wife,
To see that everything was done,
Both for his daughter and his son.
I have his money to invest,
And though I try my level best,
To do what wisely, I’m advised,
My judgment oft is criticized.

His widow once so calm and meek,
Comes, hot with rage, three times a week,
And rails at me, because I must,
To keep my oath appear unjust.
His children hate the sight of me,
Although their friend I’ve tried to be,
And every relative declares,
I interfere with his affairs.
Now when I die I’ll never ask,
A friend to carry such a task,
I’ll spare him all such anguish sore,
And leave a hired executor.

---Today and Tomorrow, Edgar A. Guest
(Chicago: Reilly & Lee Company, 1942)

The newspapers are full of stories about family fights over an inheritance.  Grief and loss can bring out the best and the worst in the survivors.  If you want to make sure your family is not torn apart by a fight over your estate, here are a few tips to incorporate into your estate planning:

1. Hire a lawyer who knows estate planning law.  Your neighbor who handles divorces or your cousin who is a corporate lawyer are not good choices.  Hire a lawyer whose practice is devoted to preparing Wills and administering estates.  You may pay a little more than if you have a friend or relative prepare the Will, but it will be well worth it.
2. Be smart in choosing the executor and trustee.  If hostilities may erupt among your children, do not appoint one of those individuals to be in a position of authority over the estate.  Consider hiring a professional corporate fiduciary, a bank or trust company, to serve as executor if you think a family feud may break out after your death.
3. Tell your family what you are planning.  No one likes to be surprised at the terms of a Will. Sit everyone down for a family conference and let them know what you have planned and why. It can defuse a potential fight if you make clear upfront what your wishes are.  This will keep family members from having expectations that will be disappointed and keep them from claiming later that a certain disposition was not what you intended.
4. If you have moved, make sure your Will takes into account the laws and probate system of your state of residence.   Make sure your Will is up to date and not a relic from the past that reflects your life 25 years earlier.

More tips to come in next posting.