Choosing a qualified executor to administer your end-of-life documents, such as a will or estate plan, is necessary for a short and inexpensive probate proceeding. The executor’s role carries many responsibilities and should not be taken lightly. The person you choose to be an executor should be consulted and well-prepared for handling your legal, financial and business matters. Passare.com™ and Robert L. Shepard, attorney at law know that choosing the right person is an important decision. Use this guide to help you pick the best person for the task.

1. End-of-Life-Management Workshop #2
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2. While I thought that I was learning how to live,
I have been learning how to die.
Leonardo da Vinci
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3. Definition: Executor vs. Trustee
• Executor
• personal representative
• conducts all the legal actions required to fulfill
your will
• Trustee
• similar to an executor but is assigned to
administer a trust document, not the will or
estate plan.
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4. Executor Responsibilities
An executor provides financial management
and regulation such as paying taxes, bills
and business transactions.
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5. To administer an estate, the executor will:
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File the petition for probate and administration
Collect and safeguard assets
Appraise and value all assets
Deal with creditors’ claims
File all estate, fiduciary income, and individual
income tax returns
Make adjustments in estate records to reflect
changes in assets’ tax cost basis
Distribute the estate
Prepare accounting
Close estate administration
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6. Executor Powers
• Power to hire professional help
• Power to retain certain kinds of property in
the estate
• Power to mortgage, lease, buy and sell
real estate
• Power to borrow money
• Power to take advantage of tax savings
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7. 5 Tips on How-to Choose Your Executor
1.
Pick a Finance Expert
• An executor will pay your taxes, distribute your personal
property, manage financial accounts and pay bills after you die.
2.
Have a Secondary Executor
• Choose another executor in case your primary is unable to
serve.
3.
Choose a Co-Executor
• Sometimes it is necessary that two or more people serve at the
same time.
4.
Do Not Pick Your Spouse as an Executor
• It can cause emotional distress.
5.
Choose someone with whom your beneficiaries feel
comfortable and whom you trust to handle your estate.
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8. What’s Next
• Carefully go through your business and personal
accounts, assets and properties.
• Assess the complexity of your estate to determine
whether your chosen executor(s) can handle the
job.
• If your estate is too complex for your
executor(s), include provisions in your end-of-life
documents to hire professional help.
• Review the contents of your will or trust with your
executor(s) so that they fully understand your
wishes and can decide whether they agree to the
role.
• Make sure your executor(s) know where your endof-life documents are located.
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9. There’s MORE!
1.
2.
3.
See an Example of an Executor
Form
Get a Full Executor Checklist
Glossary of Executor Terms
Download Our FREE
How-to Choose Your Executor- eBook
Get Your FREE eBook
Sources:
http://www.shepardestateplanning.com
http://www.ycollaborative.com/blog/
http://www.frenchfunerals.com
http://www.law.cornell.edu/wex/table_probate
http://www.law.cornell.edu/wex/table_probate
www.abanet.org
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