Appointing an executor is an important decision – so what should you consider?
- Do they know and respect your wishes?
Your executor will be responsible for distributing your assets once you die, so it is important they understand your wishes.
- Are they honest and trustworthy?
Once appointed, you should provide your executor with the information they need to fulfil their role. This may include; internet passwords, medical and financial information and insurance policies, so it is important that your executor is someone whom you trust. Never someone whose honesty is in doubt.
- Are they a good communicator?
Your executor will be required to liaise with a number of people in their role, so it is crucial they are an effective communicator. This will ensure beneficiaries remain informed during proceedings, hence minimising conflict.
- Will they remain neutral in their dealings?
It is important your executor is neutral, to avoid conflict between beneficiaries and ensure your will is distributed as you intended. As a disputed will can result in lengthy court proceedings, you may opt to appoint someone who is not a beneficiary or a third party, such as a solicitor or an accountant.
- Are they likely to outlive you?
Given that the executor will be dealing with your estate in your absence, it is important they are someone who is likely to outlive you. To ensure your affairs are appropriately managed in the event that your executor dies, it is recommended you appoint a successor to your executor.
If you need further information or have any questions please contact us on 1300 580 413 and we would be happy to have a chat.
For more information, go to: Estate Administration