E267 Why They Want a Professional Executor
Our clients want a professional executor for many reasons. Most commonly they have no heirs, or their family lives abroad. But those aren’t the only reasons. We’ll share a few recent examples of why clients want a professional executor.
Mr. and Mrs. K. are in their 70s, and they want a professional executor for when they pass. They have 19 nieces and nephews as heirs, scattered across the US. Mr. And Mrs. K. do not want to choose from the 19 heirs for a couple of reasons.
First, they don’t want to sow discord by singling out one heir to be executor. When just 1 out of 19 has more authority or power, the others may become jealous or suspicious.
Secondly, Mr. And Mrs. K. know what probate can be like from past experiences. They understand that having 19 heirs across a dozen states is going to be a headache for the executor. Even having two heirs in different states is a hassle, especially when original wet signatures are required on certain documents. Having a professional executor is beneficial Mr. and Mrs. K.’s of situation.
Son cannot manage own finances
People from all walks of life can benefit from hiring a professional executor, not just Solo Agers. For example, Mr. and Mrs. J. have an adult son who, for various reasons, has not taken flight from the nest. Although the son doesn’t live at home, Mr. and Mrs. J. financially support him, including paying his rent.
Understandably, Mr. And Mrs. J. don’t feel comfortable having their son handle their estate. Since he is financially dependent on his parents, Mr. and Mrs. J. need a professional trustee to continue to manage funds and financially support their son when they’re gone.
Executorship would be too much
Some clients don’t want to burden a loved one with the responsibilities of executorship. Ms. H. is single mom with 2 adult daughters. One daughter lives in Europe, so it is unrealistic for her to be the executor. The other daughter lives nearby, but she is busy raising her 3 young kids.
It is simply not realistic to ask either daughter to execute an estate, given distance and everyday business of their own lives. Being an executor is a whole job on top of whatever job(s) you already have in life. As we’ve discussed many times, the probate process can be long and difficult. Not understanding the documents and requirements of probate adds to the difficulty of administering an estate. Let alone, dragging 3 small children with you to the banks!
These are all great reasons for considering a professional executor. If you want to learn more about how a professional executor can help, check out my book, “How to Hire an Executor,” available on Amazon.
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