Estate planning

An executor is the person named in your will who carries out your final wishes and manages financial matters after your death. The best candidate is typically someone who’s trustworthy, detail-oriented, and able to handle legal and financial responsibilities for a year or more. The right executor could be a close relative, but you can also look beyond the family tree for the right person.

Because the role of executor is complex, there are many factors to consider when identifying the person who’s right for your estate plan. Here are some important details to know before asking someone to take on the responsibility.

Your executor should be well-organized, responsible, and have a working understanding of the estate settlement process. You should apply the same criteria to contingent executors (people who will become your executor if your first choice is not able to serve in the role). As you choose an executor, it’s also important to consider their:

Health and longevity

Choose someone who’s healthy and likely to outlive you. This helps reduce the risk that a contingent executor will have to take on the responsibility with less preparation, or worse, that the court will have to appoint a replacement executor.

Location and accessibility

Ideally, your executor should live near you. Proximity can make it easier for your executor to manage in-person tasks related to settling your estate, and to work with the attorneys and financial institutions you use today.

Ability to manage family dynamics 

Your executor should be comfortable handling disagreements among beneficiaries—especially if there are existing family tensions. Large financial accounts are typically straightforward to divide, but distributing smaller sentimental items—such as artwork, heirlooms, or collectibles—can sometimes lead to disputes.

This might bring you the best of both worlds. Naming more than one executor can help balance personal insight with professional expertise. For instance, you might consider naming a corporate trustee to serve alongside a loved one as their co-executor, providing them with counsel and support throughout the settlement process.

A corporate co-executor can help with complex financial, legal, and administrative responsibilities while your loved one helps ensure your personal wishes and family dynamics are truly understood. In the event you choose a corporate fiduciary, such as Truist Bank, they can also provide the financial expertise needed to help manage even the most complex estate settlement challenges.

If you prefer not to place any responsibility on a family member, friend, or associate, another option is to appoint a corporate trustee as the sole executor.

Just like you do with your beneficiary designations on retirement accounts and insurance policies, you should revisit your designations of executor and contingent executors every few years to determine if they’re still the best choices.

• Has the individual moved far away?
• Have they become estranged from your family through a divorce or falling out?
• Or are they unable to fulfill the duties due to a physical or mental impairment?

If the answer to any of these questions is yes, you might need to reconsider whether they’re the right fit for the role.

Selecting the right executor, and revisiting that choice over time, can be one of the most enduring gifts you leave your family.