When it comes time for your estate plan to be carried out, you will not be there in a capacity to oversee its distribution. You will need to appoint someone whom you can trust to execute your will: your executor. This is not a decision to be taken lightly. This role is essential for effectively managing your property and assets after you are gone and ensuring there are no issues your beneficiaries have to deal with. Your executor should give you peace of mind, and finding someone capable and dependable is crucial to achieving peace.
You should hire a reliable guide when you’re working on your estate plan. Attorney Ryan Stump with Charlotte Estate Planning understands the struggle many North Carolinians face as they’re setting up their estate, and he’s ready to answer your questions. Call 704-766-8836 to schedule your consultation today.
What is an Executor & What Do They Do?
An executor, also known as a personal representative, trustee, or administrator, is someone legally charged with managing a deceased person’s assets after their death. Executors can be named in a will or appointed by a court.
These administrators are instructed to carry out the will. Their role is to act in the estate’s best interest, and they have a number of duties to fulfill, including:
- Finding the will
- Taking inventory of the estate’s assets and debts
- Protecting and securing assets as needed
- Make accurate court filings in a timely manner
- Notify creditors of the decedent’s passing
- File all the necessary taxes and pay bills against the estate
- Distribute assets from the estate to the appropriate beneficiaries
- Keep a record of any distributions or payments
- Close the estate once administration is complete.
These tasks can be challenging, especially if the executor is unprepared for their role or does not understand what is being asked of them. You should carefully consider who you are going to ask to execute your will.
The Traits a Good Executor Should Have
When you’re considering a candidate to appoint as your executor, you need to examine their qualifications almost as if this is a job application. This is not just a favor you are asking of a family member or one of your friends.
There are serious ramifications connected to handling your estate, even if you will no longer be around to see it carried out. You should consider choosing someone you know you can rely on, demonstrating several notable characteristics.
Your Executor Should be Reliable
It goes without saying that you need to find someone who is responsible and will take care of your estate without issue. You should consider someone without a criminal history or someone who has not been sued for unpaid bills or broken contracts.
Your Executor Should Demonstrate Ethical Fortitude
Your executor should be someone with moral merits. Your executor may be challenged by your family members or questioned as they organize your estate. You want someone who will not ignore your will because of a bribe. They should also be someone who will not try to extort family members out of their benefits.
An Executor Should Have Some Financial Knowledge
You don’t need to appoint an accountant as your executor, but you should consider finding someone who understands how complicated assets like real estate property or investments should be distributed. Some assets may require more than a simple court filing to handle. Your estate will also need to be balanced before property is distributed, so someone who can handle bills and still fairly execute your will is crucial.
Your Executor Should be Fair & Organized
Estate execution involves a lot of paperwork. Your administrator will be responsible for filing everything, keeping receipts, and identifying beneficiaries and creditors. They will not distribute your assets immediately after you die, and there is an order of priority for paying beneficiaries once your obligations are met. Finding someone who can decide how your creditors are paid and who gets the remaining property is important.
Your Executor Shouldn’t Be Stubborn
An executor is not expected to be an estate planning expert. Unless they are an attorney provided by the court, your administrator is probably someone without a law degree. They probably haven’t had to be an executor before, either. That means if they run into an issue, they should be prepared to ask an attorney for help. An executor who is unwilling to find assistance is one who could create issues for your family and your assets. A team player is someone who understands their limitations and acts quickly to find a solution.
Can an Estate Planning Attorney Help Me Find an Executor?
When you are creating an estate plan, your attorney will be able to answer questions about details like executors and wills. They may not choose your executor for you, but your estate planning lawyer can help you review possible candidates and interview them before you finalize your will. Finding someone you can trust to handle your affairs when you are no longer able to is something your attorney would be qualified to do.
FAQs about Executors & Estate Planning
Can I appoint more than one person to act as my executor?
Yes, you can name co-executors to handle your estate together. This is often done when parents want to name multiple adult children. While it provides a system of checks and balances, it can also lead to logistical delays or disagreements if the co-executors don’t see eye to eye. If you choose this route, it is wise to discuss with your attorney how disputes will be resolved.
Does my executor have to live in North Carolina?
Not necessarily, but North Carolina law has specific rules for out-of-state executors. If you appoint someone who lives outside of NC, they are generally required to appoint a resident agent, someone who lives in North Carolina, to accept legal service of process on behalf of the estate.
Can a beneficiary named in my will also serve as my executor?
Absolutely. In fact, it is incredibly common to name a spouse or an adult child who is also inheriting assets. The key requirement is that they must be able to separate their personal interests as beneficiaries from their legal and fiduciary duties to the estate as a whole.
Are executors compensated for their time and effort in North Carolina?
Yes, acting as an executor is a lot of work, and North Carolina law allows for executor compensation (known as a commission). Unless the will explicitly states otherwise, the court can approve a commission of up to 5% of the value of the estate’s personal property and receipts. An executor can also choose to waive this fee, which family members frequently do.
What happens if my chosen executor passes away or is unable to serve?
If your named executor passes away, becomes incapacitated, or simply declines the role, the court will look to see if you named a successor executor (a backup) in your will. If you did not name a backup, the North Carolina probate court will step in and appoint an administrator based on a statutory order of priority, starting with your surviving spouse.
Can someone refuse to serve as an executor when the time comes?
Yes. Being named in a will does not legally force someone to take on the job. If your chosen executor decides the responsibility is too much to handle, they can file a formal form of renunciation with the Clerk of Superior Court. This is why naming at least one backup executor in your estate plan is highly recommended.
Can an executor be held personally liable for mistakes?
Generally, an executor is not personally responsible for the deceased person’s debts. However, an executor can be held personally liable if they engage in mismanagement, fraud, or gross negligence—such as stealing from the estate, failing to pay taxes, or distributing assets to beneficiaries before paying off valid creditors. Hiring an estate attorney significantly reduces this risk.
Can I change my mind and name a different executor later on?
Yes, your will is not set in stone until you pass away or become legally incapacitated. You can change your executor at any time by executing a new will or adding an amendment known as a codicil. It is smart to review your estate plan every few years to ensure your chosen executor is still the right person for the job.
Contact a Charlotte Estate Planning Attorney for Executor Help
When you’re ready to work on your estate planning, you may not know what you need to complete everything. You might have an executor in mind, but you may need to reconsider after you meet with an attorney. Finding a lawyer who can help clients with estate planning questions is critical. Some lawyers believe their clients should know everything about a subject before they come to the office. However, many attorneys know that their clients may not know anything, which is why they need legal help in the first place.
Attorney Ryan Stump knows that estate planning can be challenging, especially when you may not know what you don’t know. He’s been helping Charlotte residents with their estate planning needs for years, and he is ready to hear your story and help you create a plan that accounts for your unique needs. Call 704-766-8836 or use our online form to schedule your consultation today.
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