How Should High-Net-Worth Individuals Choose an Executor?

 Posted on October 23, 2025 in High Net Worth Estate Planning

When you have significant assets, choosing the right executor is a critical part of creating your estate plan. For high-net-worth individuals, this decision is especially important. Large estates often include complicated investments, a heavy real estate portfolio, business interests, and more. Picking the right person, or a professional entity, can make a substantial difference in how your estate is handled after you die. Speak with our Chevy Chase, MD estate planning lawyer for personalized guidance.

What Does an Estate Executor Do in Maryland?

In Maryland, an executor, also called a personal representative, takes charge of your estate after your death. Their job is to follow your will and the law. They collect your property, pay your bills, file tax returns, and distribute assets to your beneficiaries.

According to Md. Code, Estates & Trusts § 7-101, an executor must find and protect all the property in your estate. They also have what is called a fiduciary duty under § 14.5-801. This means they must always act honestly and in the best interest of your heirs. Because Maryland’s probate process can involve deadlines and legal filings, an executor often works with attorneys or accountants to complete everything correctly.

What Are the Risks of Choosing the Wrong Executor for High-Net-Worth Individuals?

Choosing the wrong executor can create significant problems. Someone who does not understand finances could mismanage money or forget important deadlines. That could lead to tax penalties, delayed payments, or even lawsuits among family members. An executor who takes sides can cause resentment among family members that may never fade.

Maryland law allows a court to remove an executor who fails to meet their legal duties under § 6-306. However, going through the court process can be costly and stressful for your family. If your estate includes businesses, real estate, or investments, the risk of loss is even greater when the executor is not careful or experienced.

What Qualities Should You Look for in an Executor?

The best executor is someone you trust completely. They should be dependable, fair, and capable of handling delicate financial matters. For complex estates, it is often better to name a professional, such as an attorney, accountant, or trust company, instead of a family member. A professional executor can ensure your estate is managed according to Maryland law and help prevent personal disagreements.

When choosing your executor, some qualities to look for include:

• Good with money and record keeping

• Honest and impartial in decision-making

• Available to manage your estate

• Communicates clearly with family and professionals

• Understands or is willing to learn Maryland probate rules

Even though professional executors charge fees, their experience can save your estate from costly errors and protect your family’s inheritance.

Schedule a Free Consultation With a Silver Spring, MD High-Net-Worth Estate Planning Attorney

Selecting the right executor has a major impact on how smoothly your estate is handled. Our Chevy Chase, MD high-net-worth estate planning lawyer can help you choose the right person, write clear instructions, and make sure your estate plan follows Maryland law. With over 35 years of experience in estate planning, Attorney Susan Eleff helps high-net-worth clients protect their wealth and provide for their loved ones. Call The Eleff Law Group at 301-857-1990 today to schedule your free consultation.