Ask Terry Questions Finding a non-family Estate Executor…

Finding a non-family Estate Executor…

By Terry Savage on May 20, 2019 | Wild Card

How can I find a bank or other institution that could act as my estate’s executor administer my estate when the times comes? Some of them have asset minimums whereby if you don’t meet the minimum amount they will not take on the executorship. And in that case they’d refer me to an institution that handles smaller amounts. How do I know which institutions are reliable? And can I trust them if I become incapacitated? Provide any other helpful information you have. Thanks.

Terry Says

I have puzzled over this issue for several years now.  I know there are many people — baby boomers — in this situation.  It’s not just a question of total assets. Many people don’t have adult children to handle their healthcare power of attorney, and financial power of attorney as well.  Their close friends are at the same age — and not a good bet to survive them and do these tasks.  Honestly, I wish I could set up a fiduciary business and find good people to serve this growing need.

The best thing I can suggest is to start thinking about this in your 50s and 60s — not when the issue is coming close.  You need to develop trusted relationships with honest younger people.  If you are in the process of making an estate plan –a revocable living trust –you can ask your (much younger) attorney if he/she would serve as successor trustee to distribute your assets.  But finding someone to handle your healthcare power of attorney is a lot more difficult.  It could require time — and a real personal concern — if you are unable to make decisions on your own.

I invite my readers to write in with suggestions. In fact, I’m going to write a column about this and see what others have done.



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