In most cases, when a friend or relative agrees to become your executor, he or she will waive or refuse a fee. There are some restrictions on who may serve as an executor. Many states will only appoint individuals who are residents of the same state. If you want to select a non-resident executor, contact your county clerk of probate court or an attorney to find out what your state allows. It is recommended that a second choice for executor be named in case the first choice refuses or is unable to serve.
Most jurisdictions require that the executor post a bond to protect the assets of the estate.
There are usually waivers available in most states that would excuse the executor from posting a bond, the most common of which is if your request it in your Will. Perhaps the most common reason for naming co-executors is so that two persons can pool their skills and at the same time, each can keep a check on the other. Who Shouldn't Be an Executor One reason you may want to consider excluding someone as your executor is if he or she is also a beneficiary. This will help to avoid appearances of conflict of interest if the other beneficiaries fear that the executor may take advantage of his or her position. On the other hand, the executor is supervised by the court, and a beneficiary as executor is more likely to waive a fee for serving as executor.