Executor of Estate

[Dolby]

Who have you guys selected - family or company?

If company, would you appoint a bank or a trust company, ie FedTrust?

 

[blunomore]

If you do not choose family or friend, I'd say rather go for your family attorney.

 

[Cheri_N]

My brother. I know it doesn't really matter but he is a CA and I thought he was the best qualified person in my immediate family and I trust that he'll look after my son's interests (my sole heir) to the best of his ability.

 

[undesign]

Family/friend (if it makes sense, like in Cheri_N's case) or a trusted lawyer.

 

[HavocXphere]

Depends on what you want to achieve. Most of the companies that do this sell everything & then split the proceeds where a family friend is more likely to distribute the assets in specie, which preserves value better.

Keep in mind though that it involves quite a bit of stress for the selected family friend, especially when the situation is complicated & everyone is shouting at him/her. Gets even better when you've got a bunch of people interferring who think they know but don't.

Also, I'd recommend against appointing multiple executors. Been there done that. Its a mess.

If there is even the remotest chance of hitting that estate tax limit (3.5mil atm afaik) then I'd suggest getting a pro.

 

[Zulik]

I would recommend 2 executors.

One being a trusted family member, who will have your, and your beneficiaries interests at heart.

The second being a trusted professional, family friend, close friend, who is either a lawyer or an accountant.

This covers all the bases.

In my case, my father and my accountant.

In my wifes case, myself and my accountant.