00:00
Faizan
When writing your will, you want to name a trustworthy, conscientious individual as executor of your estate. The executor is responsible for distributing your assets according to the instructions in your will. If the person you choose to fulfill that role happens to be a convicted felon, by law, he won't be able to serve in most states. Even in the few states that do permit convicted felons to serve as executors, practical problems can arise.
Requirement of Bond
Even in a state like New Jersey -- which doesn't have a specific law barring convicted felons from serving as executors -- naming such a person can cause unforeseen difficulties. Unless your will waives the requirement for an executor to post a bond, it might be very difficult for a former felon to qualify for a bond from a bonding company. Bonds are issued to protect beneficiaries in case the executor absconds with the estate's funds.
Others Who Can't Serve
In addition to convicted felons, people under the age of 18 or non-United States citizens cannot serve as executors. If the person you want to name as executor is an adult U.S. citizen and hasn't been convicted of a crime, that still doesn't necessarily mean he can serve. Some states severely restrict out-of-state residents serving as executors unless they are a beneficiary or a relative. Before naming an out-of-state executor in your will, find out the law in your state.
Requirement of Bond
Even in a state like New Jersey -- which doesn't have a specific law barring convicted felons from serving as executors -- naming such a person can cause unforeseen difficulties. Unless your will waives the requirement for an executor to post a bond, it might be very difficult for a former felon to qualify for a bond from a bonding company. Bonds are issued to protect beneficiaries in case the executor absconds with the estate's funds.
Others Who Can't Serve
In addition to convicted felons, people under the age of 18 or non-United States citizens cannot serve as executors. If the person you want to name as executor is an adult U.S. citizen and hasn't been convicted of a crime, that still doesn't necessarily mean he can serve. Some states severely restrict out-of-state residents serving as executors unless they are a beneficiary or a relative. Before naming an out-of-state executor in your will, find out the law in your state.
Posted in: Estate Laws
