Selecting an executor for your will is one of the most important decisions you’ll make when it comes to estate planning. Your executor will be responsible for ensuring that your wishes are carried out after you pass away, making it crucial to choose someone who is both trustworthy and capable of handling the responsibilities involved. Here’s what you need to consider when choosing the right executor for your will.
Understanding the role of an executor
Before you choose an executor, it’s essential to understand the responsibilities that come with the role. An executor’s duties include:
- Arranging the funeral: The executor is responsible for all funeral, burial and cremation arrangements according to any wishes you may have recorded in your will or other documents.
- Administering the estate: This involves gathering and managing your assets, paying off any debts or taxes, and distributing your estate according to the instructions in your will.
- Lodging the will for probate: For most estates in Australia, the executor must apply for a grant of probate, which is the legal recognition that the will is valid and that the executor has the authority to manage the estate.
- Communicating with beneficiaries: The executor needs to keep beneficiaries informed about the progress of the estate administration and ensure they receive their inheritance as outlined in the will.
Given the importance and complexity of these tasks, the choice of executor should not be taken lightly.
Qualities to Look for in an Executor
When choosing an executor, it’s important to consider the following qualities:
- Trustworthiness: Your executor will be handling your estate and managing your assets, so it’s crucial to choose someone you trust implicitly. This person should be honest, reliable, and committed to carrying out your wishes.
- Organisational skills: The role of an executor involves a significant amount of paperwork, deadlines, and coordination. Someone who is organised and detail-oriented will be better equipped to manage these tasks efficiently.
- Impartiality: It’s essential to choose someone who can remain neutral and fair, especially if there are potential conflicts among beneficiaries. An impartial executor can help prevent disputes and ensure that everyone is treated according to your wishes.
- Financial acumen: While an executor doesn’t need to be a financial expert, it can be beneficial if they have a basic understanding of financial matters. This knowledge can be helpful when dealing with the estate’s assets, liabilities, and taxes.
- Availability: Administering an estate can be time-consuming, so it’s important to choose someone who has the time and availability to dedicate to the role.
Who can be an executor?
In Australia, an executor can be almost anyone over the age of 18, including a family member, friend, or even a professional such as a solicitor or accountant. However, there are some important factors to consider:
- Family members and friends: Choosing a family member or close friend as your executor is common, as they are often the people who know you best. However, it’s important to consider whether they have the necessary skills and whether their emotional connection to you might make the role more challenging.
- Professional executors: If your estate is complex, or if you don’t have someone suitable among your family and friends, you may wish to appoint a professional executor. This could be a solicitor, accountant, or trustee company. While they will charge a fee for their services, they bring expertise and impartiality to the role.
- Joint executors: You can appoint more than one person to act as joint executors. This can be beneficial if you want to share the responsibilities between people with complementary skills. However, it’s important to choose individuals who can work well together to avoid potential conflicts.
Consider the long-term
When choosing an executor, it’s also important to think about the long-term implications. Your executor should ideally be younger or of a similar age to you, and in good health, to increase the likelihood that they will be able to fulfil their duties when the time comes. It’s also a good idea to name a substitute executor in your will, in case your first choice is unable or unwilling to act when needed.
Discuss your choice
Once you’ve made your decision, it’s crucial to discuss it with the person you’ve chosen. Make sure they understand the responsibilities involved and are willing to take on the role. It’s also a good idea to inform your family and beneficiaries of your choice to prevent any surprises or misunderstandings later on.
Choosing the right executor is a key part of ensuring that your estate is managed according to your wishes. By selecting someone who is trustworthy, organised, impartial, and available, you can help ensure that the process runs smoothly and that your loved ones are taken care of after you pass away. Whether you choose a family member, friend, or professional, taking the time to make the right choice will provide peace of mind for you and your family.
Chat with the team at APS Legal Services
Written by APS Wills & Estates Principal Lawyer Phillip Lambourne
Phil is a lawyer with over 35 years of experience in private practice and over 25 years of experience in the trusts and estate planning area. As Principal Lawyer with APS Wills & Estates, Phil provides advice and prepares documentation in the areas of Wills, Powers of Attorney, Probate and Estate Administration for clients across Australia. He also provides clients with conveyancing and property law, commercial law and state tax advice services.
When Phil isn’t working, he enjoys spending time with family, reading new books, and watching new shows with some good scotch whisky, red wine and cheese. Phil also enjoys playing trombone in the Melbourne Lawyers Big Band!