How to Appoint a Will Executor

One reason to have a Will is that you get to name someone who will carry out your wishes after your death. The familiar term for this person is "executor", but in some states this person is known as a "personal representative." The primary duties of an executor after your death are to collect your assets, pay your debts and expenses, and distribute your remaining assets to your beneficiaries.

Ideally, your executor should be a person who is skilled in financial matters and who has a good understanding of your assets and your family situation. While the executor is often an individual, perhaps a family member or trusted friend, an executor also can be a bank that has a trust department. Many banks will serve as executor, but they will charge for the service. In most cases, when a friend or relative agrees to become your executor, he or she will waive or refuse a fee.

There are some restrictions on who may serve as an executor. Many states will only appoint individuals who are residents of the same state. If you want to select a non-resident executor, contact your county clerk of probate court or an attorney to find out what your state allows. It is recommended that a second choice for executor be named in case the first choice refuses or is unable to serve.

You can also choose two or more executors who will serve together as co-executors, so they can help each other with the finances and paperwork.

Although not strictly obligated to do so, the probate court will generally appoint your choice of executor. When appointing the executor, the probate court will also look at whether you have selected a non-resident executor, as well as the bond requirements. These initial proceedings also include providing notice to heirs and creditors, resolving challenges to the Will, obtaining a federal identification number, and opening a checking account in the estate’s name.

Most jurisdictions require that the executor post a bond to protect the assets of the estate. To avoid the expense of the bond, you can request in your Will that the bond requirement be waived.

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.