Every Estate Plan Needs A Pilot: Choosing An Executor Or Trustee

The selection of your executor and/or trustee (also referred to as your "fiduciary" or "fiduciaries") is among the most important decisions you will make in establishing an estate plan. Your chosen fiduciary will one day manage all (or nearly all) of your assets, and it is up to them to effectuate the intentions you have written down in your will and trust. It is nearly a full-time job, yet there is a tendency for individuals to default to their spouse, oldest child or the family member they get along with best, without taking account of the person's skillsets or relationships with other family members.

The instinct toward choosing a family member to serve as fiduciary is understandable and, often, the right choice. Many corporate fiduciaries will not accept appointments without assets under management over a mandatory minimum (anywhere from $1 million to $10 million depending on the institution). Further, individual fiduciaries afford a more personal approach to