What is an Executor?

The executor gathers up the estate, pays your debts and divides what remains of your estate among the “beneficiaries,” the people named in your will to receive a share of your estate. Choose an executor you trust and who will likely still be alive when you die. Carrying out the terms of your Will may be a short-term or a long-term job. Your executor will make crucial decisions and it is important that he or she should have good judgment and business sense as well as be able to relate well with the members of your family.

You should also consider such factors as availability, willingness, age, health, residency, trustworthiness, impartiality and financial stability. If you like, you can appoint more than one executor who can act together as co-executors. You should also appoint an alternate executor if the first executor is not able to act. If you have a complex estate or investments or need someone to take over the operation of a company, you may wish to name a professional executor like a trust company.