Choosing the Executor for Your Will: Responsibilities and Considerations

Hey there!

I’m excited to bring back my Black Wills Matter LinkedIn series in honor of National Estate Planning Awareness Month in October. All month I’ll be guiding you through the steps to complete your estate plan, along with sharing other ways to leave your legacy.?

Let’s dive right in!?

In a previous article in my Black Wills Matter series, I talk about building your Legacy Dream Team, which are the people who would be in charge of your affairs.?

Today I want to go deeper on one particular role – choosing the executor of your will. This is who will carry out the wishes of your will. If you need a refresher, a will is a legal document that outlines how you would like your property and other assets to be distributed after your death, and who you’d like to be the guardian of your minor or special needs children.

Choosing an executor is a major decision in the process of completing your estate plan. It’s no small thing, so I understand why it’s tempting to avoid making a decision this important. But if you do, I promise you will thank me later! :D?

INTENTION (WHY THIS MATTERS)

Trust me, I understand how hard it can be to make decisions when a loved one has passed away. I have been an executor of a loved one’s will, and although it’s a challenging job, it’s an honor to be entrusted with carrying out the final wishes of those we cherish the most.?

When you choose someone to handle your final affairs, you have the opportunity to spend the rest of your days with the peace of knowing that your belongings will be in the right hands. You also give your loved ones the gift of not having to fight over who has to make the tough decisions when you’re no longer here.

Before assigning someone this important role, there are a few things to consider.

Let’s begin with a breakdown of the executor’s responsibilities:?

An executor is charged with:

• Carrying out your wishes in your last will and testament
• Filing the will in probate court
• Notifying banks and credit card companies of the deceased person
• Supervising the distribution of the deceased person’s property
• Paying any debts and taxes

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A good choice for an executor of your will could be:

• A close friend or relative (it does NOT have to be your spouse or immediate family)?
• Someone who understands and respects your wishes
• Someone who will handle your possessions with care
• Someone with a high degree of attention to detail

“Generally, an executor’s responsibilities, which can last a minimum of two years and often much longer, end when all liabilities and expenses are satisfied, assets of the estate are distributed (outright or by trust), and the final tax filings are accepted by the various taxing authorities,” according to Forbes.

STEPS TO TAKE ACTION

1. Set aside a quiet moment alone to jot down some thoughts.
2. Create a list of the people you trust the most in your life. From there, I want you to circle anyone on that list that you would trust with the responsibilities listed above.?
3. Have an honest conversation with the person that you select as the executor. It's important to make sure they agree with this decision and they are prepared to carry out all of the responsibilities.

If you’re having a difficult time thinking of names, start by thinking about the kind of person you would want to handle your affairs. Would it be someone that you trust with the intimate details of your life? What about someone responsible for handling their own affairs? Maybe what matters most to you is that the executor is someone who can be level-headed when everyone else is making decisions based on emotion.

It can be helpful to think through the kind of person you trust if a name doesn’t come to mind right away.?

You want to leave a legacy that you can be proud of. When you take charge of your end-of-life matters, you free yourself up to live with the assurance that everything is in order.

Bonus Step: Listen to this estate planning episode on the Thank Me Later Show with Jini

I want to leave you with this video from my podcast, the Thank Me Later Show with Jini, “Your Ultimate Guide To Wills & Estate Planning: Leave a Legacy of Love, Not Confusion.” I was joined by Olivia Smith, an estate planning attorney at SR Law Group.

We chatted about how to get our affairs in order, how to help your family prepare in advance, what to do when your family is split on decisions, and much more.?

Click here to check it out and let me know if it helps!?

SHARE YOUR THOUGHTS

I’m curious to know if there are any other factors to consider when selecting the executor of your will? Have you already completed your estate plan or is it a goal you’re working on?

Share your thoughts with me in the comments below!

I know topics like this can feel heavy at the moment, but there’s something so empowering about taking control of the legacy you will leave behind! You can do this!

Best,

Jini

P.S. I am so excited to continue impacting Black families for generations at the 4th annual Black Women Will Homecoming Event! We will help 200 Black female homeowners in Georgia prepare to transfer $78M+ assets in ONE DAY during this event on Saturday, November 16th, 2024! I'd love for you to help join this mission to help close the racial wealth gap! To donate, partner or volunteer, click here.

SOURCES:

• Forbes - Choosing an Executor for Your State
• CNBC - Here’s how to decide who’s a good fit for executor of your will
• LegalZoom - How to Choose an Executor
• TIAA - How to Choose an Executor for Your Estate