How to Choose an Executor for Your Will?
Writing your own Will and choosing an Executor is one of the most crucial decisions of your life. This is a difficult task. Your chosen Executor will be responsible for managing your Estate, assets and your liabilities when you die. It would be their responsibility to distribute your assets according to your wishes. An Executor can be either a person or an organisation, lawyer, trusted family member or a friend.
What Should You Consider While Choosing Your Executor?
When you are making this essential decision, there are certain things you need to consider before finalising your Executor.
- Your selected executor should have time and skills for the task.
- Choosing a trustworthy person as your Executor is difficult as he/she would be responsible for taking control and carrying out all your wishes.
- It would be best if you remembered to choose someone who can deal with an array of different professionals and people like lawyers, banks, accountants and your family. The Executor might also be responsible for dealing with disputes between beneficiaries and sought claims that would be made against your Estate.
- An older or unwell Executor who lives interstate or overseas shouldn’t be chosen as they might not be able to carry out their responsibilities after your death.
- The last thing you would need to consider is to ask the person if they are happy being named as an Executor or not in your Will. Being an Executor comes with an array of responsibilities and takes a large amount of time. Additionally, these responsibilities might also include making legal and commercial decisions and resolving disputes that would arise.
Who Can Be an Ideal Executor?
An ideal Executor is someone whom you can trust with skills and time. Your Executor should be willing to manage complex legal and financial matters. Many people choose a family member, while many others choose a close friend. Being named an Executor is definitely an honour, but the task is quite tricky and can become stressful.