What Does an Executor Do?

An Executor is a person appointed in a Will to carry out the provisions of the Will.

The roles of an Executor include collecting your assets, paying your debts (including taxes), and distributing your Estate in accordance with the terms of your Will.

What to consider when choosing an Executor?

It’s a common misconception that you cannot nominate a beneficiary as the Executor of your Will. Some people have the idea that the Executor must be independent of the beneficiary/beneficiaries because it’s a conflict of interest. This is incorrect.

In fact, in most cases, I recommend to my clients that they choose either their spouse or a responsible adult child to be the Executor of their Will. After all, if the Executor is set to financially benefit, they will be motivated to apply for Probate and then finalise the administration of your estate in a timely manner.

When considering who to choose as your Executor, I would recommend someone who:

·       is trustworthy.

·       can manage money.

·       has available time to administer your estate.

·       will act in the best interests of your estate.

·       will seek professional financial and/or legal advice if needed.

·       is likely to outlive you.

I also advise my clients to appoint a substitute Executor/s in their Will in case the primary Executor/s dies or becomes incapacitated. Having a substitute Executor/s is optional, but strongly recommended.

Your Will is an important legal document which should be reviewed regularly, given the personal circumstances of yourself, your beneficiaries and your Executor may change over time.

Do you want to understand more terms and words regularly used in Estate Planning? Visit our Estate Planning: Glossary of Terms.

DISCLAIMER: This article is provided for general information purposes only. It does not constitute specific legal advice or opinion. Although our aim is to provide you with as accurate information as possible, you should not act or rely upon the information in this article without seeking the advice of an experienced lawyer who specialises in the particular area of law relevant to your inquiry. Please do not to hesitate to contact Murnane Legal to make further inquiries or to make an appointment to discuss the specifics of your situation.