Being an executor is a huge responsibility, so be sure to choose someone who is up to the task. Here is a nice summary from Executor.org It is a great checklist to guide you through the selection process:
1. Do they have the time? Phone calls, trips to the county courthouse to record financial information, standing in line at the post office to mail registered letters -- these and countless other tedious duties await them. They'll need to have information from banks, mortgage servicers, investment firms, life insurance companies and other firms that had a role in the deceased person's holdings. Among the more grueling tasks, they will be called on to sort and value the contents of the person's home.
2. Do they have the skills? Being an executor requires a high degree of organization. "People who can't balance their own checkbook, who have financial difficulties of their own, who have no idea how to organize financial information, people who don't like detail -- those are not good candidates," says Sally Hurme, an elder care lawyer at AARP.
3. Do they have the temperament? As they sort through legal and financial matters, they'll confront a range of personalities, so it helps to be calm. Some lawyers say it's best to appoint one executor, but Anthony Enea, chair of the elder law section of the New York State Bar Association, advocates choosing at least two. "It creates a system of checks and balances," he says. "If you pick one child, it gives that person a lot of power and discretion. But it depends on the family dynamics. There's no set formula."
4. Do they know the rules? Each state has specific laws on executors' responsibilities, along with timetables for them to perform their duties. Paying the funeral expenses, publishing death notifications, and filing estate tax returns are a few examples of what might be required. Your state may have an online law library that details the rules and requirements. The American Bar Association website also offers guidance about settling an estate. Many executors find certain tasks so daunting that they consult lawyers for help. Others hire lawyers to manage the entire process, which is of course much more expensive.
Either way, they need to follow the law strictly -- an executor is personally liable for the proper administration of the estate. If they misrepresent the value of any assets, they could be held accountable by the IRS or by the beneficiaries. If they are found to have shortchanged the heirs, they could be required to reimburse them out of their own pocket or pay fines.
5. Can they afford to be an executor? If they live in another state, they may need to travel to the person's hometown, and if so, how often? Will the estate cover travel expenses? What about the value of their time? In most states, executors are entitled to take a percentage of the estate's value, even if a fee wasn't specified in a will. But with those legal guidelines, it's still common for executor fees to become a source of conflict with heirs. Some family members may view the money as their own or be unaware of the time that's been invested.