Does Executor have to Be a Family Member?
Executor, executrix or personal representative, whatever name you use, is the person who will be in charge of your estate and follow the directions in your last will and testament. The first thing clarified in a recent article titled “Estate Planning: Non-family member personal representatives” from nwi.com, is that the person does not have to be a family member.
This is often a surprise to people, who think an adult child or sibling is the only person who can take on this responsibility. This is not true. There is no requirement that a relative be named—it can be anyone you wish.
There are some statutory requirements set fourth in the Louisiana Code of Civil Procedure as it applies to opening a succession in Louisiana. However, for the most part include the following: the person has to be a legal adult, must not be incapacitated, and cannot be a felon or an “undesirable” person. As long as they are an upstanding member of the community, they may serve.
What are your choices? Some people prefer as their executor a family member, even if it is a distant relative or someone with whom they do not have a great relationship. It may take some digging to identify distant relatives. You may also have no idea how someone you don’t know will manage your estate. You should also contact them to be sure they will accept the responsibility. Without having an established relationship, they may decline.
An alternative is a trusted friend, as long as they meet the criteria noted above.
Another option is an institution that holds trust powers, such as a bank’s trust department. Community banks and some national banks do offer traditional trust services, including estate administration. There will be fees, but the experienced and impartial management of your estate may make this a better choice.
Some estate planning law firms serve clients in this role. Talk with your attorney to see if this is a service the firm offers. If the firm does not do this, they may have relationships with other professionals or institutions that can help.
One final note: don’t delay creating an estate plan because you cannot decide who should be your executor, or if you don’t know who could be your executor amongst your family members. Selecting someone for this role is not always an easy or obvious choice, but your estate planning attorney will be able to help you make the decision. Not having an estate plan is far worse than not knowing who to name as your executor.
BOOK A CALL with me, Ted Vicknair, Board Certified Estate Planning and Administration Specialist, Board Certified Tax Law Specialist, and CPA to learn more about estate planning, incapacity planning, and asset protection.
If you liked this article, “Does Executor have to Be a Family Member?” read these additional articles: Will Medicaid Come after My Mom’s Estate? and Is Probate Necessary when Someone Dies? and Is a Handwritten Will a Smart Idea? and How to Simplify Estate Planning
Reference: nwi.com (April 18, 2021) “Estate Planning: Non-family member personal representatives”
