Often when I am taking instructions for a Will clients will automatically nominate their spouse or a sibling as their Executor. More often than not this is the right decision. However, it is worth while taking a moment to consider the type of person needed for the role. In this week’s blog we look at the importance of who you nominate as your Executor.
The Role of the Executor
In your Will you nominate an Executor. This person or organisation is responsible for many duties when you pass away. Some of these include:
- Arranging your funeral.
- Identifying what assets you own and what money you owe.
- Managing your assets after you pass away.
- Applying for a grant of probate.
- Preparing your last tax return.
- Distributing assets to your nominated beneficiaries.
Should I Appoint a Particular Type of Person?
In carrying out their duties the Executor is able to seek professional advice. This includes legal and financial advice. So it is not essential that they are a lawyer or works in the finance industry.
The person you do appoint you should consider as honest and organised. A person who would be described as ‘with it.’ Another factor is location. Your Executor may need to check mail, maintain property, deal with personal paperwork as well as sign legal documents. For this reason it can be a good idea to appoint someone that lives locally so that they are available.
A person’s age and health should also be considered before appointing them. While one of your parents or Great Uncle Bill may seem the best choice, you should think carefully about whether they will be capable of doing the job.
Another factor to consider is to appoint an Executor who will also receive a significance inheritance under your Will. This will mean that they should have a self-interest in maintaining property and acting in a timely manner.
Should I Appoint an Alternate Executor?
Life is unpredictable, we never know what is going to happen (that’s why you’re getting a Will, right?). So it is a good idea to appoint a back up or alternate executor. Someone to be act if your first appointed has passed away themselves or is otherwise unable to assist.
Here at Sharpe Legal and Conveyancing we are able to assist you with all your Will and Estate Planning needs. Contact us today on (02) 4605 1501 to see how we can assist you.
The contents of this publication is for reference purposes only and should not be relied upon as legal advice. Specific legal advice should always be sought to take into account your individual circumstances.