When someone is named as an Executor in a Will, it is the wish of the person who made the Will that the named person be their Executor. However, it does not legally bind the named Executor to do that job. The named Executor has the ability from the get go to renounce the right to be Executor. In some cases, it is the right thing to do not to act as an Executor. For example, if the person lives in a different country that is a good reason. If the named person does not have the time (like parents of young children), that is also a good reason. If the named person doesn’t have the necessary skills or aptitude to learn them, to do the job, that is a very good reason not to act. These may be difficult conversations to have with named Executors, but the must be had. There are usually options available to the Estate if an Executor declines to act. A properly prepared Will should have alternate Executors named. If there are no alternate Executors, a Trust Company or professional Executor can be hired to do the job.Most people I work with who are named as an Executor feel some moral duty to act. However, they don’t have a legal responsibility to do so. Sometimes, it is better for the Estate, if someone other than the named Executor does the job.he first thing you need to know about being an Executor…is that it is optional…you don’t have to do it.
The first thing you need to know about being an Executor is that it is optional. You don’t have to do it.
When someone is named as an Executor in a Will, it is the wish of the person who made the Will that the named person be their Executor. However, it does not legally bind the named Executor to do that job. The named Executor has the ability from the get go to renounce the right to be Executor.
This must be done at the outset though. If you start acting as someone’s Executor and then later decide to stop, it may require court approval for you to stop. That is why if you are named as an Executor, the first thing you should do is get good legal advice before doing anything.
In some cases, it is the right thing to do not to act as an Executor. For example, if the person lives in a different country that is a good reason. If the named person does not have the time (like parents of young children), that is also a good reason. If the named person doesn’t have the necessary skills or aptitude to learn them, to do the job, that is a very good reason not to act. These may be difficult truth’s for a named Executor (or even beneficiaries of an Estate) to accept. However, it is in the best interests of the Estate to have someone willing and competent to do the job, not someone who is doing it begrudgingly or without the necessary skills.
There are usually options available to the Estate if an Executor declines to act. A properly prepared Will should have alternate Executors named. If there are no alternate Executors, a Trust Company or professional Executor can be hired to do the job.
Most people I work with who are named as an Executor feel some moral duty to act. However, they don’t have a legal responsibility to do so. Sometimes, it is better for the Estate, if someone other than the named Executor does the job.
If you are named as an Executor and would need legal advice, contact one of our lawyers. We would be happy to discuss this very important job with you.
Article published by Jonathan Hooper – jonathan@tupmanbloom.com