How to Choose the Right Executor or Trustee

When you create an Estate Plan, you will likely be asked to name someone to help carry it out. Depending on your plan, that may be an Executor, a Trustee, or both.

For many people, the first thought is simple: I’ll choose my oldest child. Or a sibling. Or another close family member.

Family can certainly be a good choice. But being family does not automatically make someone the right person for the job.

The person you choose may have important financial and legal responsibilities, sometimes during an already difficult time. It is worth giving some thought to who is best equipped to handle them.

What Makes Someone a Good Choice?

There is no single right answer for every family. The right person depends on your circumstances, your Estate Plan, and the people in your life.

Some qualities to consider include:

Responsibility. Will this person take the job seriously and follow through?

Organization. There may be documents to locate, assets to identify, bills to pay, and records to keep. Someone who is organized and detail-oriented may be better prepared for these responsibilities.

Financial judgment. Your Executor or Trustee may be handling significant assets. Choosing someone who makes sound financial decisions and can keep good records is important.

Communication. Family members may have questions or concerns about what is happening with the Estate or Trust. The person you choose should be able to communicate clearly and handle difficult conversations.

Availability. The person who lives closest may not always be the best choice. Someone who lives farther away may still be a good option if they are willing and able to take on the responsibility.

Willingness. Perhaps most importantly, the person needs to be willing to do the job. Being named does not mean they have to accept the responsibility.

Does It Have to Be a Family Member?

No.

Sometimes a family member is the obvious choice. In other situations, another person may be better suited to the role. That could be a trusted friend, professional, or other individual you believe will handle the responsibility appropriately.

There may also be situations where choosing one family member over another could create unnecessary conflict. What matters is not simply who will be happiest about being chosen, but who can carry out your wishes responsibly.

Don’t Forget the Backup

It is also important to think about what happens if your first choice cannot serve.

People move. Relationships change. Health changes. Someone you expect to be available may eventually be unable or unwilling to take on the role.

Naming an appropriate successor gives your family a plan if your first choice cannot serve.

The Most Important Question

Instead of asking, “Who in my family should I name?” consider asking:

“Who would be able to handle this responsibility carefully, fairly, and according to my wishes?”

That may lead you to the same person you were already considering. Or it may cause you to think about your choices differently.

There is no requirement that the person who means the most to you must also be the person best suited to manage your affairs. Choosing someone because they are capable, responsible, and willing to take on the job can be one of the most important decisions you make when creating your Estate Plan.

If you are reviewing your Estate Plan, it is worth reviewing these choices, too. The people you originally named may still be the right ones—or your circumstances may have changed. Call or text our office at 989-872-5601 to start the conversation.