Selecting an Executor For Your Last Will and Testament – What to Know.

A Last Will and Testament (or a Will) is a legal document determining how an individual’s estate will be divided after their death. While distributing the possessions you’ve accumulated throughout your life can be a challenge, one of the most important parts of preparing a Will is choosing the right executor.

The executor of your Will is tasked with giving effect to your wishes expressed in the Will. This can include things like arranging your funeral, beginning the probate process and distributing your estate. Quite a large responsibility will be resting on their shoulders, especially as they will be doing all this most often while grieving your passing.

As such, it’s vital to choose an executor who can fulfil the duty you’ve left to them while keeping your best interests at heart.

Characteristics of a Good Executor

Aside from being of legal age and having a sound mind, there are a few things you should be looking for in a good executor. While it’s commonplace to have a partner, parent, child, friend, or even close professional consultant fulfil the role, they need to possess these characteristics needed to get the job done.

1. Trustworthy – A good executor is trustworthy. They will act according to your wishes while disregarding any desire for personal gain.
2. Firm – Executors often have to resolve conflicts between beneficiaries or would-be beneficiaries. A good executor needs to know when to be firm and stand their ground, making decisions in the best interest of your estate in accordance with your wishes.
3. Organized – as the role of executor involves a dealing with a lot of documentation, a good one needs to be able to stay on top of all the accounts and records.
4. Willing – It would be a shame if you finished preparing your Will, only to find that the executor you chose doesn’t feel they can take on that role. Executors can renounce their positions if they aren’t willing to fulfil the obligations it involves; therefore, it’s important you choose someone who knows what you expect of them and is willing to meet that need.

Other Factors to Consider

Selecting an executor goes beyond finding someone who meets the bare minimum. You’ll have to consider a handful of other things—location, for instance. Practically, it could be a heavier burden to place on an executor to have to deal with an estate if it’s in a completely different state to theirs. Having an executor who is physically nearby can be beneficial because they’ll be able to keep an eye on your estate and settle things in person.

In the case that you don’t want to entrust a family member or friend with the role of executor, you may also want to consider some alternatives, such as the Public Trustee and Guardian. You may even find it to be preferable as it leaves your friends and family free of the burden while they’re grieving your death. You can read more about having the Public Trustee and Guardian administer your estate here.

Conclusion

Preparing a Will can be confronting, but having a professional by your side will make it easier. If you would like further information on the responsibilities of an executor or are ready to prepare your Will, get in touch with Andrew Byrnes Law Group. We are highly capable estate lawyers that can help you prepare your will in a matter of 48 hours.

For just $440.00 inclusive of GST, we can help you finalise your Will based on the information you provide in a 15- to 20-minute online interview.

You will then receive detailed video advice from one of our lawyers taking you through the Will and how it works to make sure it meets your needs. You’ll also receive information on the possible consequences of the clauses. We can then make any necessary changes to the Will you want in order to make sure your Will is legally accurate.

Find out more about our estate planning services here.