Trouble finding an executor

[joelee52]

Jurisdiction

New York

I am planning to rewrite my will, but have no one I think would make an appropriate executor. I am 61 years old and my 2 siblings are significantly older. I do not want to put pressure on either of them. I am separated from my wife and have no children. I am not close enough to my nieces/nephews to be comfortable asking them. And my close friends have a variety or health and personal issues; so I am not going to burden them.



That said, I'm wondering what my other options are. Do independent professional executors exist? Under what circumstances will a legal firm or financial institutions perform this function? Do the chain legal service companies have employees who act as executors? My estate is not large or complicated, though I own a home and have approximately $250K in investments. So I don't think the task will be time-consuming or demanding. I can't be the only person without someone readily available to act as executor. Any feedback or helpful information will be greatly appreciated.

 

[army judge]

I am planning to rewrite my will, but have no one I think would make an appropriate executor. I am 61 years old and my 2 siblings are significantly older. I do not want to put pressure on either of them. I am separated from my wife and have no children. I am not close enough to my nieces/nephews to be comfortable asking them. And my close friends have a variety or health and personal issues; so I am not going to burden them.



That said, I'm wondering what my other options are. Do independent professional executors exist? Under what circumstances will a legal firm or financial institutions perform this function? Do the chain legal service companies have employees who act as executors? My estate is not large or complicated, though I own a home and have approximately $250K in investments. So I don't think the task will be time-consuming or demanding. I can't be the only person without someone readily available to act as executor. Any feedback or helpful information will be greatly appreciated.

You're on the right track, mate, hire one.
Many banks that offer trust services will undertake this important duty.

Of course, an attorney, some CPAs will become your executor for a fee.


Why there are even firms of professional executors that do nothing but
Make sure your estate passes to those you designate.

If you fail to name someone, or have difficulty naming someone, the probate court will appoint someone to serve as your executor.



The ABA has published an excellent article on how to appoint or find an executor:


http://www.americanbar.org/content/...tical/books/wills/chapter_10.authcheckdam.pdf




Here are a few articles offering advice on the dilemma your facing:


http://www.nytimes.com/2011/03/03/business/retirementspecial/03EXEC.html?_r=0



http://www.legalsurvival.com/wp-content/executor_legal_survival_guide.pdf

 

[adjusterjack]

I'm wondering what my other options are.

You're laboring under the misconception that this will be the last time you rewrite your will.

For the moment, who are you going to leave all your assets to?

If it's to your siblings, make one of them the executor with the other as contingency.

No sense in eroding your estate with fees if you don't have to.

 

[tpwpny]

If you don't go with an independent firm, appoint someone younger than you to increase the probability that person is a survivor to your passing. Also consider appointing a backup executor.

When my father passed last year, his only willed executor was his elder brother who was luckily still with us, but infirm. It was a legal process in itself to get fiduciary transferred to me.

However, avoid appointing two executors. Could cause complications if they are ever at odds.