Preparing a will? Five tips to consider when choosing your executor

Admin

An executor is a person appointed in your will to administer your estate. The appointment will only become effective after you have passed away. It is important to take great care when choosing who to appoint as your executor, as their role is to honour and carry out your wishes.

The duties of an executor include locating your will, collecting your assets, paying any debts and distributing your assets in accordance with your will.

To satisfy yourself that you have chosen the best possible person to be your executor, we recommend keeping the following factors in mind:

Your executor must be willing and able to take on the role. They should be someone you know to be responsible and reliable. Your executor must have the time and skills to administer your estate. If you choose a family member or friend to be your executor, it is important to consider that they will need to make sensible and timely decisions whilst coping with the emotions of grief.
In Victoria, you can appoint up to four executors to administer your estate at the same time. However, it is usually recommended that you choose one or two executors to limit the time required to administer your estate. It is important that your executors are able to get along and work together. If you appoint one executor, it is always preferable to appoint an alternate executor in the event that the first executor is unable to act.
Your executor to review and sign documents whilst administering your estate, therefore the location of your executor is an important factor to consider. If you appoint more than one executor to administer your estate, all documents may need to be signed by each individual. This could pose logistical difficulties to your executors and cause delays in administering your estate.
The age and health of your executor should be taken into consideration as their role begins after you die. If your executor has lost their own capacity to make decisions after you have died, then they will be unable to act on behalf of your estate. Similarly, if your executor is unwell, it may be difficult for them to make decisions.
Think about the assets that you own. Are your assets tied up in any companies or trusts? Are your affairs complex? Your executor may be required to liaise with accountants and lawyers to administer your estate. A professional, such as an accountant, solicitor or trustee company can act as the executor of your estate if you think your affairs may be too complex for a friend or loved one to understand. It may also be preferable to elect an independent professional if there is tension within the family. However, you should make enquiries with the professional as to whether any fees will be incurred for their services.

If you would like to prepare a will or review your estate planning documents, please do not hesitate to contact one of our experienced estate lawyers on (03) 9853 0311.