Hiring an executor

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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togb
Posts: 142
Joined: Mon Oct 23, 2017 8:36 pm

Hiring an executor

Post by togb » Thu May 03, 2018 9:43 pm

Does anyone have experience/knowledge about hiring an executor for a will? I have served as an executor and it was a LOT of work. My own affairs are much more organized, but I still hesitate to put this burden on anyone. There's not a great option in my family, so I'm wondering about hiring someone with the right skillset.

UpperNwGuy
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Joined: Sun Oct 08, 2017 7:16 pm

Re: Hiring an executor

Post by UpperNwGuy » Thu May 03, 2018 9:46 pm

I'm eager to hear the answers to your question!

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bengal22
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Location: Ohio

Re: Hiring an executor

Post by bengal22 » Thu May 03, 2018 9:51 pm

I'll do it. Easy money for a non family person.
"Earn All You Can; Give All You Can; Save All You Can." .... John Wesley

bsteiner
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Location: NYC/NJ/FL

Re: Hiring an executor

Post by bsteiner » Thu May 03, 2018 10:00 pm

Spouse. Children. Other family members if appropriate. A bank or trust company.

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celia
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Location: SoCal

Re: Hiring an executor

Post by celia » Thu May 03, 2018 10:22 pm

When we originally made our trust (when the kids were small), the lawyer asked who we wanted as a successor trustee. We prioritized and listed several reliable relatives to take care of our financial affairs and listed their addresses. The lawyer said something could happen to any of the relatives, they could move, or otherwise be unable to help when the time came, so we should name a trust company as the final choice, as "they will always be there".

Fast forward past the 1987 stock market meltdown and financial company consolidations and closings.

A few years later, I was re-reading the trust and noticed that all the relatives were still at the same address and would still be able to do the job. But what happened to the trust company? It appeared to be merged/bought out by a second trust company, which also could not be found but may have been bought out too. I would be hesitant to select a company, rather than a person. Besides that, how will a company know when you died if a responsible relative doesn't notify them?

Spirit Rider
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Re: Hiring an executor

Post by Spirit Rider » Thu May 03, 2018 10:24 pm

It is desirable for a family member or trusted friend to be the executor. A family member can and often should hire an estate lawyer for some counsel or as attorney of record for the estate. It is also generally better for the executor to be a reasonably significant beneficiary. They then have a vested interest in the successful resolution of the estate.

togb
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Re: Hiring an executor

Post by togb » Fri May 04, 2018 8:13 pm

Spirit Rider wrote:
Thu May 03, 2018 10:24 pm
It is desirable for a family member or trusted friend to be the executor. A family member can and often should hire an estate lawyer for some counsel or as attorney of record for the estate. It is also generally better for the executor to be a reasonably significant beneficiary. They then have a vested interest in the successful resolution of the estate.
Great point about executor having skin in the game. Lots of folks want to do right, but I can see where having a reward at the end of that tunnel would help through the inevitable frustrations and speed bumps.

SrGrumpy
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Re: Hiring an executor

Post by SrGrumpy » Fri May 04, 2018 9:26 pm

I asked a similar question a month or so ago:

viewtopic.php?t=244573

It was suggested to hire a professional who handles conservatorships, end-of-life issues, or to look up social-services options in your county. Experience counts, as you know now: I'm considering asking an acquaintance who is, sadly, overseeing his wife's affairs now.

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