Guide to Selecting and Compensating Executors
Explore key considerations in selecting and compensating executors, including their roles, attributes, compensation options, and common circumstances. Understand the pros and cons of having a sole executor versus multiple executors, and delve into factors like trust, competence, and shared values. Learn about different compensation options and other important considerations for effective estate administration.
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Presentation Transcript
Executors Selection and Compensation With Ian Hull, Suzana Popvic-Montag and Jordy Atin
Agenda 1. Role of the Executor 2. Factors to Consider when Selecting 3. How many? 4. Decision Making Rules 5. Compensation Options
Executors Role Starts Immediately on Death Funeral/Burial Collection of Assets Liquidation or Continuation of Holdings Pay Debts and Liabilities Government and Tax Filings Distribute According to the Terms of Will
Key Attributes 1. Trust 2. Competence/Skills 6. Willingness a. Organization 7. Impartiality/No Conflicts b. Financial Management 8. Residency/Citizenship c. Communication 9. Experience 3. Personality 10. Geographic Proximity 4. Shared Values 11. Relationship Impact 5. Age/Health
Other Considerations 1. Do They Get Along with Each Other? 2. Length of Administration 3. Complexity of Administration 4. Types of Estate Assets 5. Compensation 6. Alternates
How many? Sole Executor Pros Cons Logistics All the work on one person No one else to share the decision making burden Efficiency Isolated Burden No one else to blame
How many? >1 Executor Pros Shared Burden of Work and Decisions Decision Making Someone else to blame Joint Cons If >2 - Majority Rule Logistics Delegation Power Reduced Efficiency Possibility of disagreement
Common Circumstances Multiple Children One Foreign Child Independent Executors Lawyers Trust Companies
Compensation Options 1. None 2. Default - Beneficiary Approval or Court Order 3. Fixed a. Lump Sums b. Hourly c. Percentages 4. Legacy in lieu of Compensation
