When Duty Calls
Most testators will ask for an individual’s permission before naming him or her an executor, but they are not required to do so. Nor is the named executor required to accept the position. If the named executor rejects the post, and there are no other volunteers, the court will likely name a corporate executor or attorney to the job.

But the arguments for having a personal representative, as opposed to a corporate executor, are persuasive. Family and friends have no learning curve in terms of the family tree, personal agendas or the wishes of the decedent. The job requires no specific financial or legal background, and experts agree that an executor’s tasks can be performed by just about anyone. “I recommend corporate representatives only if there is no other option,” explains Robert Glovsky, president of Mintz Levin Financial Advisors in Boston. “The reason is the fees get very high and there is no way to control them.” A corporate executor usually requires a minimum fee of two to three times the amount that an individual receives, but this can be justified for estates holding unusual assets, such as a closely held business or farms. In cases where such business interests are paramount, the testator is likely to have named a corporate executor in the will, as well as provided a detailed business succession plan or buy-sell agreement. An individual executor asked to take on this type of estate may request a professional fiduciary to provide guidance.

Goldberg was able to muddle through Aunt Sonny’s complex estate relying only on the advice of an attorney, leaving more assets to share with her family. She even declined to take the executor’s fee. The notion of never having to perform the job again would serve as gratitude enough, but she is no longer sure that will be the case. “One of my other aunts is already joking that now I am going to have to be her executor,” Goldberg sighs.

Melissa Phipps is a senior correspondent for Worth and a freelance writer specializing in wealth management and estate planning.
mel_phipps@hotmail.com