Who to choose as executor of your will and estate.

What's Below:

What is an executor?
How do I choose an executor?
Must an executor hire a lawyer?
Can an executor get help from someone besides a lawyer?

What is an executor?

The executor (called a personal representative in some states) is the person named in a will to be in charge of winding up the person's financial affairs after death. Basically, that means taking care of property, paying bills and taxes, and seeing to it that assets are transferred to their new rightful owners. If probate court proceedings are required, as they often are, the executor must handle them or hire a lawyer to do it.

Executors can request payment from the estate. The exact amount is regulated by state law and is affected by factors such as the value of the deceased person's property and what the probate court decides is reasonable under the circumstances. Commonly, however, close relatives and close friends (especially those who are inheriting a substantial amount anyway) don't charge the estate for their services.

How do I choose an executor?

Most executors don't need special financial or legal knowledge; most people name their spouse or an adult child. Common sense, conscientiousness, and honesty are the main requirements. An executor who needs help can hire lawyers, accountants, or other experts, and pay them from the assets of the estate.

The person you choose should be honest, organized, and good at communicating with people. If possible, name someone who lives nearby and who is familiar with your financial matters; that will make it easier to do chores like collecting mail and finding important records and papers.