Nominating A Friend As Your Executor

Business Estate Planning, Death Chats, Dream Dead Person Project, Estate Administration, Estate Planning

When it comes to nominating a friend as an executor most people have a whole raft of thoughts, feelings, and considerations the people who nominate a family memeber don't seem to have.

The biggest one is how to nominate a friend as an executor or substitute decision maker without being a burden.

Like "Don't be a burden." is a very important clause in the rules of friendship - but not so much when it comes to family!

Earlier this year I met a willmaker who had decided to pay a lot of money to a corporate executor to manage his estate after his death. Despite having a large circle of intelligent, kind, and entirely suitable friends, he didn’t want to be a burden.

In my experince most friends don’t think being asked to be the decision-maker at the time of your death is a burden - most people are actually very honoured you asked. What they’re burdened by is what you leave behind for them to work with.

I'm changing the rules to “Real friends are happy to rely on each other but don’t burden them by leaving a mess.”

Below are six easy ways to keep your friend as your executor AND remove anything that may seem burdensome.

The same can be said for making sure your family stay friends after you die.

6 ways to help a friend be a good executor

Communicate about your estate plan clearly and early

Before naming your friend as an executor in your will, have an open and honest conversation with them. Ensure they are willing and able to take on this role. Discuss what the responsibilities entail and give them a realistic view of the time and effort involved. This helps avoid any surprises and gives your friend the opportunity to decline if they feel they cannot fulfil the duties.

Provide detailed instructions

One way to ease the burden on your executor is to leave clear, detailed instructions. Include specific information about your assets, liabilities, and any particular wishes you have for your estate. This can include account numbers, passwords for digital assets, contact information for lawyers or financial advisors, and any relevant documents. The more organized and detailed your records, the easier it will be for your executor to manage your affairs.

Simplify your life

Where possible, simplify your estate to reduce the workload on your executor. This might mean consolidating bank accounts, paying off debts, or even liquidating certain assets beforehand. It certainly means completing as much information as you can in our Dream Dead Person resources, so your friend isn't left guessing. By streamlining your life you can make the process of estate administration less complex and time-consuming.

Cover the costs

Being an executor can incur various expenses, from legal fees to travel costs. Make provisions in your estate plan to cover these expenses. This can be done by setting aside funds or specifying that the estate will reimburse the executor for any costs incurred. This approach ensures your friend is not financially burdened by their responsibilities.

Show appreciation

Lastly, express your gratitude. Being an executor is a significant responsibility, and acknowledging your friend's willingness to take on this role can go a long way. A heartfelt thank you and recognition of their efforts can provide moral support and reinforce their commitment.

Regularly update your will

Whilst you’re alive your will is a living document. As life changes so too should your will. Regularly review and update your will to reflect any changes in your assets, liabilities, or personal wishes - including any changes that may happen between you and the person you’ve nominated to be your executor. 

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