An Executor is the person you appoint in your Will to manage your estate and carry out your wishes after your death.
They will need to attend to the following:
- Apply for and obtain a Grant of Probate (if required)
- Collect all the assets of the estate
- Pay any debts and expenses
- Arrange tax returns if necessary
- Distribute the estate according to the Will
- Act as the legal representative of the estate in any legal action related to the estate
An Executor must be over the age of 18 at the date of your death.
In most cases, it makes sense for the main beneficiary of your Will to be appointed as your Executor. As they will be receiving part or all of your estate, it is in their best interest to administer your estate in a timely and efficient manner.
You can appoint more than one person to be your Executor, with a maximum of four (4). However, you should be confident that they will be able to work together.
An Executor has a duty to act in the best interests of the estate. When an Executor is also a beneficiary under the Will they need to ensure there is no conflict of interest between those two roles.
If you don’t want to appoint a family member, you can appoint a friend, lawyer or other professional to be your Executor. If a lawyer or other professional acts as your Executor, they will usually charge for their time and there needs to be a clause in your Will authorising that.
You should choose someone who has the following characteristics:
- Trustworthy
- Ability to manage money well
- Has the requisite time to manage the estate efficiently. Depending on the age of the beneficiaries managing the estate could take years.
- Able to liaise with your family and other beneficiaries
- Able to work with legal and financial professionals
- Will outlive the majority of your beneficiaries (especially important if any of your beneficiaries are minors at the date of your death)
It is best to check with the person you want to appoint to be your Executor to see if they are willing to take on that role. We also recommend you appoint a back-up Executor in case the first appointed person is unable or unwilling to act.
An Executor is not required to do everything. They can and should engage legal and financial professionals to assist with certain matters.
If a Will does not appoint an Executor or if the named Executors are unwilling or unable to act, then the main beneficiary under the Will can apply for Letters of Administration (with Will Annexed).
Our team can help you work out who is the right person for you to appoint as your Executor. And we can assist your Executor in administering your estate.