WHEN YOU NAME SOMEONE AS EXECUTOR OR ALTERNATE EXECUTOR
When you name someone as executor or alternate executor in your will, make sure that you talk to them first to make sure that they are on board and agree to do this. The last thing you want is to nominate someone to be your executor or alternate executor to then find out that that’s the last thing they wanted to do and they’re not willing to become your executor. It is not pleasant for us to call an executor and tell them that our client has passed away and you were named as executor to only be told by the executor that they don’t want to be an executor and never wanted to be one. You also do not want to name someone who is out of the problems are out of the country as executor. In most cases the court will require what’s called a surety bond from the executor. The surety bond is issued by insurance company and is intended to reimburse beneficiaries if the executor embezzles the estate funds. In most cases the executor will not qualify for the bond resulting in the court not allowing them to be an executor. Even if the executor does qualify for the bond, the cost can be quite high and must be paid by the estate, thereby diminishing the funds available for distribution to the beneficiaries. Also when you want to name someone as an executor or alternate, make sure that they have a good financial mind and have experience in running a business or something similar. You do not want to name someone as executor who feels overwhelmed by the entire process
Stemp & Company
