What You Should Know Before Naming or Being an Estate Executor
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What is the main topic discussed in this episode?
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Here's your money briefing for Wednesday, July 3rd. I'm J.R.
What does an estate executor actually do and why is the role important?
Whelan for The Wall Street Journal. Preparing a will is an important step in making sure your belongings wind up in the right hands after you die. Naming an executor to manage it is equally important. But missteps in the selection process can result in family tension.
No matter what you have in the will, it's very possible there are conflicts. A gentleman left his house to four adult grandchildren, but then shortly after he died, one of them moved into the house. So the executor, who was the son-in-law, was kind of stuck with this hard job of telling that grandchild, you have to move out. So that's the kind of job you can be stuck with.
We'll talk to Wall Street Journal personal finance reporter Ashleya Ebling after the break.
How is an executor chosen and can you name successors in a will?
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Does an executor need to be a lawyer or can a family member serve?
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An estate executor plays an important role in managing the belongings of someone who has died. But not everyone wants that job. Wall Street Journal personal finance reporter Ashleya Ebling joins me. Ashleya, first of all, help us with the basics. What goes into the job of an executor?
It's a big job. It involves handling everything that has to do with the estate, gathering assets, financial accounts, any real estate heirlooms. That's on the asset side. And then on the liability side, determining if there are any debts, credit cards, loans that need to be paid off, sorting everything out, and then eventually distributing money and all the stuff to the heirs.
How is that person chosen who's in charge of all this?
When someone writes a will, they'll name the executor in the will. And they'll often name successor executors, too, in case that first person steps down and declines the job.
Is that person necessarily a lawyer?
No, no.
What happens to inheritances left to minors and how are they protected?
Typically a family member. So often a surviving spouse, children, but sometimes friends and family. especially in cases where it looks like there might be family drama and family fights. That's when it's usually better not to name a family member, but to name someone like a lawyer or a bank's trust department as the executor or at least co-executor with a family member.
What if belongings are left to minors? Do they have as many rights as adults do in this process?
If there's specific bequest, like it says, I want my diamond ring to go to my granddaughter, Alice, then the executor's job is to make sure that ring gets to her and it's in safekeeping. If it's a lot of money, then typically the money has to be held in a custodial account or in a trust. And that depends how it's set up in the will.
You mentioned that the deceased person might write all this in a will. What happens if the person has not left a will?
Then it's more complicated because the court would appoint someone to be the administrator of this state. They basically would have the same job of all this administrative duties.
What if someone dies without a will—who becomes the administrator?
It's just like an executor, but it's a court appointed person instead of someone appointed under the will.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:37
2
What does an estate executor actually do and why is the role important?
0:37–1:35
3
How is an executor chosen and can you name successors in a will?
1:35–2:00
4
Does an executor need to be a lawyer or can a family member serve?
2:00–3:06
5
What happens to inheritances left to minors and how are they protected?
3:06–4:15
6
What if someone dies without a will—who becomes the administrator?
4:15–6:04
7
Why do many people decline the executor role and what conflicts can arise?
6:04–8:25
8
How much does administering an estate cost and what affects fees?
8:25–10:01
Speakers
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