Picking someone to be in charge of your estate during your life or after you pass away is a large responsibility, to put on someone. A big conversation we often have with our clients is who they trust to be in that position. With all our years advising clients, we put together some tips you can use to help pick the right person for the job. They aren’t in any particular order but if we were to pick, the first 2 we’ll discuss are likely the most important.

Time and Location

Firstly. Being in charge of someone’s estate is a lot of work. Often, people don’t realize just how much work is involved when closing down an estate, whether it be by a trust or probate. Additionally, while probate and trusts have different reporting requirements, both require similar work and timelines that must be met. As silly as it may sound, simply living close to the family home can help immensely due to the ease of access – that being the house, belongings, mail and so on.

Also, sometimes we have an enigma where the best person is also the busiest because they are both organized and successful. This means you need to do a balancing act between who is available and close vs someone who is more organized but either further away or just too busy. Keep in mind, your pick doesn’t have to be a lawyer or financial accounting guru to be a good choice. They must simply have a good head on their shoulders, the ability to stay on task, and know when to seek advice. This is best practice when creating your health care and financial powers of attorney as well.

Read more: How to Settle an Estate in California | When is Probate Required?

Trust is Not Arbitrary

Second, sometimes people make designations arbitrarily like picking the oldest child simply because of being the first born, decisions based on gender, or decisions based on the partner of who you’d like (which could be something to consider if they will push their weight around but is often only based on personal feelings). If someone is the best fit for the role, then that’s it. Be confident in your choice and don’t let bad actors influence you. Sometimes tempers do flare when kids find out who mom and dad picked, but in the end, it was their decision so the kids must honor mom and dad’s wishes.

The key is trust. If you trust the person to do right by you and your heirs, then that trust should take priority.

The Best for Today

Next, pick the best person for today. Obviously, the intent of planning one’s estate is for these decisions to be enacted at some far later date. However, accidents happen, and life is unexpected. Due to this, there is no guarantee your desired executor, trustee, or agent won’t have to step in sooner rather than later. Thus, when picking these key individuals, you should pick someone you trust to step in and fill the role tomorrow because there is a chance, however remote, that they may have to step in right away. If the person you want isn’t ready to fill that role, but you expect them to be able to at some later date, then don’t worry, you can always change your documents at any point to account for a change in the family dynamics or circumstance.

Professionals are an Option

If, at the end of the day, you’re at a loss as to the right person, then do not be afraid to pick a professional – either a professional fiduciary, a bank, or an attorney. These are some great fallback selections you can make.

We say fallback because picking a professional will often be the most expensive option. Additionally, because banks and professional fiduciaries often have minimum capital requirements, they may refuse to act if your estate doesn’t meet a minimum value. Banks often have fairly high requirements whereas professional fiduciaries may accept smaller estates but charge a larger percentage of the assets under management for their fee. Attorneys are going to be different on a case-by-case basis. For example, we do accept being trustee if the family is out of options, but we try to be limited in how many we accept so as to reserve resources and give everyone the time and attention they need.

We don’t want to put professionals down as an option too much though. There are situations where having a professional in position may be better. First is to keep the peace in either a difficult or blended family. Having a neutral third party can be beneficial and put everyone at ease.

Second, is where the estate in question is large or complex. In that case, one, congratulations on building your estate, and two, having an experienced professional at the helm may help the administration run smoothly and on time. Professionals will know what to expect and how to get things done.

Third is where you are going to have money held in trust for the benefit of someone else. A family member can fill this role, but having to go to one’s sister or uncle for cash can create a strain on the relationship. Having a neutral third party can preserve the family love and let someone else handle the busy work.

Read more: How to Pick a Trustee for Your Trust

Avoid the Crowd

Finally, we have avoiding the crowd. “Bureaucracy is the death of all sound work.” That’s a quote by Albert Einstein and while not necessarily true 100% of the time, it certainly does feel that way in the estate planning world. Administering an estate is full of bureaucracy, whether it be dealing with banks, life insurance companies, county recorders, the list goes on.

Having more than one person as executor, trustee or agent often doubles the complexity. Now both people truly must work together. Go to the bank together. Sign all forms together. Call companies together. Make decisions together. Make court appearances together. You get the point.

Even those who get along are rarely ever in lockstep with each other. Having one person acting alone gives them the freedom and flexibility to get the work done timely and most conveniently. Efficiency is allowed to flourish.

Don’t worry. The beneficiaries have rights to know what is going on, as they are the watchdogs of this lone wolf. The only case where we typically recommend picking two people to work together is in blended marriages. This is where we often have a child from each side of the family work together to keep the family peace. Yes, they do have to work together so you need to pick people who can actually work together, much less tolerate one another.

Read more: Everything You Need to Know on Trustee Removal, Resignation & Death

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