What should I consider when I select an executor for my will?

jillybeansisme answered 11 months ago …

A few thoughts from personal experience:

In some states, the Executor must reside in the state in which the will is executed. Also, in some states the Executor cannot be named as a beneficiary in the will. It is an involved process -- the person you want to name needs to have the time and diligence because it requires paperwork and running around. You can name, for example, a bank as the Executor. While that Bank gets a fee (I believe it is usually 2% of the estate), it doesn't have the emotion behind getting the job done. Will the person you choose carry out your wishes?

You also need to know that if it is a small estate some states only require the filing of an affidavit rather than going through costly, time consuming probate. Most attorneys don't tell you this because then they don't get their nice fat fees.

If you have a trust and then move to another state, you have to get the trust redone; however, I've been told there are alot tax advantages to having a trust.

I am not an attorney or accountant and you really need to talk to them to make sure you are doing correctly for your situation.