One of the things few people consider when preparing their will is the selection of an executor. You can choose an executor at the time your prepare your will, or you can leave the selection up to fate and a judge. Remember that your executor has specific obligations and it is often best to appoint someone you know and trust to ensure your wishes are carried out and your estate is settled, as you would want.

When selecting an executor, you must carefully consider your options. You want to choose someone who is qualified to deal with the complexities of your will and estate. You will want someone you trust. The person you should select should be ethical, responsible, mature and trustworthy. Some good suggestions for qualified executors include accountants, trust officers and lawyers. Typically you will appoint only one executor. In some rare cases two are appointed with the understanding that the second will take over the duties if the first executor for some reason cannot complete their job. It is possible that your choice of executor will be overturned if the court feels the person cannot adequately perform their duties or if they are a convicted felon.

After your death, your executor will perform several vital functions on your behalf. These include:

• Filing your will with the state probate court as appropriate
• Petitioning the court for letters stating that they have been appointed, legally, as the executor of the estate
• Request and receive official death certificate copies for use during the probate period
• Completing a full and honest accounting and inventory of the assets of the estate. This will include bank accounts, car titles, deeds, stock information, brokerage accounts and other assets
• Completing the process of re-titling, if required
• Protect and manage the assets of your estate
• Repay any debts that are outstanding at the time of death
• File insurance claim benefits on behalf of beneficiary or heirs
• Account for any monies owed to the estate
• Hire lawyers, accountants or other professionals if warranted
• Keep a complete accounting of all actions performed on behalf of the estate
• Complete and file outstanding income taxes
• Complete the probate process and close out the estate upon completion of duties

In certain cases, it may be necessary to remove an appointed executor. Heirs or beneficiaries may request the executor be removed if the executor has failed in their duties or if they have an interest in the estate themselves.

It is true that executors are allowed compensation for their services. These services are typically determined by a fee schedule provided by the state.

If you are considering appointing a trustee to handle your estate after your death, be sure to consider the matter carefully. It is a good idea to discuss the matter with your attorney. They can advise you on your decision and ensure the proper paperwork is completed to ensure your wishes are carried out.