Does it make sense to name your financial planner as executor of the will and financial power of attorney?

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   John Noah Kitta

   Fremont Divorce / Separation Lawyer

   Contributor Level 17

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   Answered September 05, 2012 10:50. To me it doesn’t seem appropriate for your financial planner to serve as executor and financial power of attorney, although, it sounds lucrative for the financial planner.

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   Steven J. Fromm

   Philadelphia Estate Planning Attorney

   Contributor Level 20

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   Answered September 05, 2012 06:03. In this day and age of fraud and financial desperation, I would run from this man. This is a real problem. By the way, what do your parents want? A lot of financial planners are prohibited to serve like this. Call a place like Fidelity Investments or any other large firm and you will see that they have a policy against so serving. Do yourself a favor and get involved with your parents in a caring way.
   
   
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3. Licensed in CA

   

   Janet Lee BrewerPro

   Palo Alto Estate Planning Attorney

   Contributor Level 17

   

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   Answered September 05, 2012 20:53. I agree with Mr. Fromm. In my experience most financial planners' broker-dealers prohibit them from acting as a trustee or executor in a client's estate.
   
   I'd be very wary of any financial planner who's lobbying for the job.

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   Lee KasterPro

   Walnut Creek Estate Planning Attorney

   Contributor Level 8

   

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   Answered September 11, 2012 10:51. I agree with Mr. Fromm and Ms. Brewer. If this financial advisor is the one who is proposing to have your parents name him as executor & agent under the durable power of attorney, that is a huge red flag. Like Ms. Brewer pointed out, most broker-dealers prohibit their advisors from acting as an executor or successor trustee for their clients because it creates at least a potential conflict of interest. If your parents are looking for someone to act as executor and don't have a family member that they want to fill that role, they should consider naming a private professional fiduciary as executor (assuming the estate is large enough that a private professional fiduciary would take it on). Good luck!

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5. 

   James Frederick

   Livonia Estate Planning Attorney

   Contributor Level 20

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   Answered September 04, 2012 21:57. Maybe, if there is no one else who it makes sense to name. There are not enough facts to determine whether or not this is a good idea in your parents' case. The reason NOT to do it would be that the executor can charge a fee for his services. If this is a family member, they often do not charge. If there is no compelling reason to make the financial planner executor, I am not sure why they would want to do so, offhand.
   
   James Frederick

   *** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and... more*** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. less

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