Who besides family or friend should be named as executor on a will?

Question

I would like to create a will. However, I'm not comfortable with naming a family member or friend as the executor. Who then should be named as the executor on the will? Is it common for one's lawyer to accept being named as an executor? Otherwise, are there executor service companies besides banks that would serve as an executor? I went to the trust department of my bank, but they wanted me to have a trust set up with them which would entail a yearly fee, instead of just being named as the executor when I die. Thx.

Answer 1

If the size of your estate is large then pay to have it done right.

Revocable Family Trust. If you own property then be sure to clean up any title issues to avoid probate - each state is different. Spell everything out in detail. It's better to give to nieces and nephews vs. brothers and sisters in the form of 529 College Plans.

Keep it updated. The exemption is now $2.5 million to avoid 60% inheritance tax. Your strategy may need revisiting when you close in on that size estate.

Don't give your money to the Feds.

Answer 2

Instead of a will, have a "Living Will and Trust" designed. You can name any executor you want. You can be specific if you do name a family member, they have to adhere to exactly what you want. They cannot "cheat" anyone. If you want to be creamated and ashes spread at a specific place, it has to be done. There are attorneys that specialize in Living Trusts. Mine cost $1,500 five years ago. It is a one time charge and the attorney keeps the original.
Each state has different laws/rules for Living Trust. I am planning on moving from the mid-west to a western state within the next two years, have to find an attorney that does Living Trusts in that particular state to review and make any changes required in that particular stae.

Answer 3

Ask your Lawyer or Accountant. Executing wills can require very detailed knowledge of law and local tax/accounting rules/regs.