When writing a will, it is important to choose a competent and trustworthy person or institution as your executor. You should also choose an alternate executor just in case your first choice cannot fulfill the duties. But, what exactly is an executor? The executor is the person or institution, like a bank or trust company, named in a decedent's will to carry out the will’s terms and administer the decedent's estate. The decedent is the person who died and the decedent's estate is all of the property the decedent owned when he/she died. If you die without a will, your will does not name an executor or the named executor is not willing to act, the court will appoint an estate administrator.

Among the qualities to look for when selecting an executor are: willingness and ability to serve as executor, including the ability to devote the time necessary to do the job effectively, experience handling business matters, ability to work well with the estate attorney and accountant, and familiarity with your assets and finances. Any U.S. citizen over age 18 who has not been convicted of a felony may be appointed and serve as executor. In light of the complexities and large responsibilities involved in administering an estate, it is best to ask the person you wish to appoint as executor before naming him/her in your will.

An executor is responsible for having the will probated, burial and funeral arrangements, collecting and preserving the estate assets, payment of outstanding bills, taxes and administrative expenses, accounting for and distributing the estate assets in accordance with the will terms, hiring advisors as needed, maintaining records, such as an inventory of assets,liquidating any remaining property of the decedent, such as real estate, stocks and bonds, andmaking the final settlement of the estate. The Executor is also generally responsible for investing and managing the estate's assets during the estate’s administration period. He/she is supposed to act as the trusted representative of the deceased, representing the decedent’s interests. Although family members are often chosen as executor, if an estate is particularly complex or there is family disharmony, it may be best to choose an outsider, like an attorney or accountant.

While executors are entitled to a commission for their services, which is paid out of the estate, they are personally liable for improper distributions and estate debts to the extent of the estate assets. Executors are required to account to the beneficiaries (and sometimes the court) for all assets collected, gains and losses, income and other receipts during the estate’s administration, and all property paid out or distributed to the decedent's creditors and beneficiaries. If the executor has questions about the enforceability of agreements or will terms, he/she is responsible to take the matter before a judge.

It is important to consider the possibility of conflicts of interest between or among beneficiaries and executors before finally selecting an executor. Try to select someone willing to take into account the interest of the estate as a whole, handle its complexities and manage conflicting interests.