Thoughtful counsel
with both a tax and legal perspective

Law Office of
Jane K. Penhaligen

(925) 746-7113 jpenhaligen@jpenhaligenlaw.com
3478 Buskirk Ave., Ste. 1000
Pleasant Hill, CA 94523

• estate planning
• tax planning
• probate
• business succession planning
• asset protection
• trust administration

Depending on the size of the estate, the job of the executor/trustee can be time consuming and complex. In order to pick the best person for the job, ask yourself the following questions:

1. Is he or she financially savvy?

If your estate is large and complicated (including a will and one or more trusts and totals more that $1,000,000, for example), you may be better off designating a financial pro, such as an estate-planning attorney, certified public accountant or banker, as well as a family member. The executor or trustee generally has the authority to sell securities without first notifying beneficiaries, and an inexperienced money manager, even with the best intentions, may make some ill-advised moves.

2. Does he or she live nearby?

An executor/trustee may need to meet with family members on a regular basis, go to court near the deceased domicile and meet with various persons involved in the estate.

3. Does he or she want to take on this responsibility?

Being an executor/trustee can require months of work, especially if there are challenges to the estate plan. Before choosing an executor/trustee talk with that person and to family members to avoid conflicts.

4. What if the executor can’t fulfill the duties?

Always pick a successor in case your first choice is unavailable. If you don’t, the courts will appoint one.

5. Should the executor be paid?

Some provision should be made for fees to cover time and effort, even if it is a family member. Banks and financial pros usually won’t accept the job unless there’s a written provision outlining how much they will be paid. The typical fee ranges from 1.5% to 3% of the estate.