Parents love their children equally, but they also realize that each child has unique strengths and weaknesses. One child may be creative while another is analytical.
It may be tempting to name your more organized, financially savvy child as the executor of your estate, but should you?
The role of an executor
Being appointed as an executor is a significant responsibility. It’s a role that requires organization, attention to detail, communication skills and some financial and legal knowledge. An executor’s primary duties include:
- Filing the will with the district court in the county where the deceased resided at the time of death and initiating the probate process
- Identifying, locating and taking inventory of the deceased’s assets, including property, bank accounts, investments and personal belongings
- Settling any outstanding debts and filing and paying taxes owed by the deceased from the proceeds of the estate.
- After the taxes and debts are paid, the executor distributes the remaining assets to the beneficiaries per the will’s instructions
- Closing probate after all the tasks are completed and providing a final accounting to the court and beneficiaries
Many people choose to appoint one of their children as their executor because they feel the child is trustworthy and will fulfill their final wishes. However, several issues could arise. If there are multiple children, appointing one executor can lead to conflict among siblings or feelings of favoritism.
It can also be an emotional burden to the child chosen to be executor. This is a time when they are grieving and handling the responsibilities of their parent’s estate may be emotionally overwhelming. And while your child may be organized, if your estate is large and complex, they may lack the expertise to manage its distribution. Additionally, acting as executor is time-consuming, taking your child’s focus away from their own family.
To avoid those scenarios, it may be better to appoint a neutral third party or a trusted individual outside of the family to serve as executor. You are still assured that your final wishes will be carried out without adding additional burden to your children.
