Insights from a financial advisor
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Estate planning is an important part of financial preparedness, yet it’s often overlooked. According to a survey conducted by Caring.com, the amount of Americans with a will declined from 33% in 2022 to 24% in 2025.
One key element of estate planning often overlooked is choosing an executor—the person responsible for carrying out your final wishes. This person will handle financial matters, communicate with beneficiaries, and ensure that your wishes are followed after you pass away. It’s a big responsibility, and it’s important to choose wisely.
Key Takeaways
- An executor is responsible for managing your estate and ensuring your will is followed.
- The best choice is someone responsible, organized, and financially savvy.
- Family dynamics should be considered—this can be stressful for loved ones, and choosing a neutral party may help avoid conflicts.
- A professional executor, such as a trust company or attorney, can be an alternative if needed.
What I’m Telling My Clients
Choosing the Right Executor
Many may think that their spouse or eldest child is the natural choice for executor by default, but that isn’t always the best decision. The ideal person for this role should be responsible, detail-oriented, and comfortable handling finances. Being an executor involves a lot of paperwork, from filing tax returns to settling debts and distributing assets. Someone who is well-organized and able to communicate clearly with beneficiaries will make the process much smoother.
Navigating Family Dynamics
Estate matters can be sensitive, and disagreements over money or property can create tension among family members. If selecting one child over another could lead to conflict, it might be better to name a neutral party, such as a trusted family friend or an attorney.
Having open conversations about estate plans ahead of time can also help minimize surprises. If beneficiaries understand the reasoning behind your decision, they’re less likely to feel hurt or left out when the time comes.
Tip
Review your estate plan every few years to ensure the executor is still the right fit for your needs.
Hiring a Professional Executor
Not everyone has a family member or friend who is the right fit for this role. In these cases, I discuss the option of hiring a professional executor. Banks, trust companies, and attorneys can act as executors, ensuring everything is handled legally and efficiently. While these services come with a fee, they can be worth the cost for those who want a neutral, experienced person to manage their estate.
Important
It’s wise to name a backup executor in case your first choice is unable or unwilling to serve when the time comes.
The Bottom Line
Choosing an executor is one of the most important decisions in estate planning. The right person will help carry out your wishes smoothly and effectively. Taking the time to choose carefully—and clearly communicating your decision—can make a big difference in staying organized and avoiding family conflicts. This will ultimately give you and your loved ones peace of mind, knowing you have a well-thought-out plan in place.
This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal, and/or tax advice. Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor.