An executor assumes a fiduciary responsibility that may be better left to an institution. Image: William Potter/Shutterstock.com
By: FEDweek StaffWhen you draft your will, you should name an executor. It will be up to your executor to handle all the paperwork after your death and the distribution of your assets. One possibility is to name an independent party as your estate’s executor. A bank trust department might serve, or perhaps an independent trust company. Regardless of what you decide, this is a critical decision when drafting a will, since this person —or institution—will handle everything from managing your estate to ensuring your assets go to the right people.
What Is an Executor and What Do They Do?
An executor is legally responsible for carrying out the terms of your will after you pass away. Their duties typically include:
- Starting the probate process
- Managing estate bank accounts
- Paying off debts and taxes
- Filing necessary tax returns
- Distributing property to heirs
In short: the executor is your personal representative after death—responsible for paperwork, taxes, and ensuring your final wishes are honored.
Should You Choose a Family Member or a Professional?
You have two main options when naming an executor:
Option 1: A Family Member or Friend
- Familiar with your wishes
- May save on fees
- Could face pressure from heirs
- Might struggle with complex legal duties
Option 2: A Professional (Bank, Trust Company, Attorney)
- Neutral and experienced
- Handles legal, tax, and probate issues smoothly
- Charges standard fees
- Less likely to be swayed by family dynamics
Tip: If you expect family disputes or a complicated estate, a professional may be the better choice. Also, an executor assumes a fiduciary responsibility that may be better left to an institution. An executor must file an estate tax return, pay any estate tax due, and distribute the estate’s assets.
Will the Executor Be Paid?
Yes, most states allow reasonable compensation. Family members may waive the fee, but banks or trust companies will charge for their services.
Important: This was already said above but it’s worth repeating – executors are legally responsible for errors. For example, if a tax return is filed incorrectly and more tax is owed later, the executor—not the heirs—must make up the difference.
By naming an institution, you can shift that risk away from your loved ones.
Don’t Forget These Two Essentials
1 Get Their Consent
Always ask before naming someone. Being an executor can be stressful—make sure they’re willing and able to serve.
2 Name a Backup Executor
If your first choice is unable or unwilling to serve, a backup ensures your estate isn’t left in limbo.
Review and Update Over Time
Your ideal executor today may not be the right person 10 years from now.
Regularly review your will and update your choice if:
Your relationship changes
Your executor moves, ages, or passes away
Your estate grows or becomes more complex
Choosing the right executor is about more than paperwork—it’s about protecting your legacy. Whether it’s a trusted family member or a professional fiduciary, make sure they’re up to the task.
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