Choosing the Right Person as the Executor of Your Estate

 Posted on September 19,2024 in Estate Planning

One of the most important considerations when you engage in estate planning is choosing an executor for your estate. Consider the case of tobacco heiress Doris Duke, who died in 1993 with a fortune estimated to be at least $1.2 billion. Ms. Duke named her butler as her executor and as the trustee for a charitable foundation. The butler was to receive a $5 million executor’s fee and a lifetime annuity of $500,000 per year while serving as Duke’s executor.

The butler’s spending habits were soon called into question, and a probate judge removed him as executor. A higher court reinstated the butler as executor but with the stipulation that a board of trustees would manage the charitable foundation. This is just one of the many examples of when those engaged in estate planning may not choose the best person to administer their estates.

Finding a person you can trust implicitly is not always easy, but it is crucial to choose wisely. To have your questions regarding an executor for your estate answered, consider speaking to an experienced DuPage County, IL estate planning attorney from Whitacre & Stefanczuk LTD. Once you make the decision to plan for the future, you do not want a single mistake to ruin all your plans.

Should I Choose My Adult Child as Executor?

Many people simply choose an adult child as executor because it seems the easiest way to handle the situation. While this could work out well for some, it may not be the best choice in other circumstances. Family dynamics are complex under the best of circumstances. Following a death in the family, emotions can run high, leading to arguments and hard feelings regarding the decedent’s estate plan.  

Always Choose a Responsible Person as Your Executor

While it may seem self-evident, you should always choose a responsible party as executor. While you can choose an attorney or financial planner as your executor, choosing a family member or friend is not necessarily a bad idea. This is assuming the family member is responsible enough to hire the right people to help administer your estate.

Your executor will be required to communicate with all the beneficiaries and may sometimes be required to make hard decisions. If one of your adult children is more responsible than the others, choose that child as executor. There is no rule that says you must choose the firstborn child.

Make Sure the Person You Choose as Executor is in Good Financial Standing

You should only consider people who are in good financial standing and have sufficient personal finances. If you choose a person with a slew of creditors, bankruptcies, or liens against them, that person may be unable to get bonded. Many probate courts require bonding, which is a form of insurance that will pay the beneficiaries of the estate should the executor embezzle funds. Also, consider naming a successor executor in the event your original choice is unable to serve. 

Consider Proximity When Choosing an Executor for Your Estate

While an executor is not required to live near you, it can make the administration of your estate much easier if he or she does live near you. Probating an estate can take months or even years in some cases. If your executor lives several states away, you are imposing a significant burden on that person to travel back and forth to serve as executor. Since even simple probates can hit snags, think long and hard before choosing an executor that lives a significant distance from you.

Contact a DuPage County, IL Estate Planning Attorney

Choosing an executor for your estate is both a highly personal decision and an incredibly important decision. Speaking to a Cook County, IL estate planning attorney before you choose an executor can help ensure your choice is well-informed. When you choose Whitacre & Stefanczuk LTD, you will benefit from an intimate law practice that treats clients like family. Our attorneys are active in the Polish community; attorney Daniel Stefanczuk is first-generation Polish and speaks the language fluently. Contact Whitacre & Stefanczuk LTD at 773-622-6100 to schedule your free consultation to discuss your estate plan.