Things you should consider when appointing someone to be the Executor of your Will

Appointing someone as the executor of your Will is one of the most important decisions in your estate planning process.  We have detailed below some things you should consider before making this decision.

What is an executor?

An executor is the person or persons you appoint to be responsible to carry out your wishes set out in your Will.  In simple terms, they will be responsible for collecting all of your assets, paying any debts and distributing your estate to your beneficiaries.  We will set out in more detail the potential duties of an executor in our next article.   

Who can I appoint to be my executor?

• You can appoint any person aged 18 years or older to be your executor;
•   You can appoint a family member, a friend or a professional such as your solicitor or accountant.

What should I consider before appointing an executor?

There are a few things you should consider before appointing someone to be your executor:

• Is the person willing and able to be your executor?   This is an important factor as the person you appoint can choose to renounce their appointment.  We would therefore strongly recommend that you speak to the person or persons you wish to appoint to ensure they are willing to take on the responsibility.
• Their age and health – given the person you appoint will be responsible for administering your estate, it is important that they outlive you.  It is for this reason that you should always appoint more than one person as your executor and have an alternate executor. 
• The number of executors?   You can appoint one person to be your executor however we would recommend that you appoint at least one other person to be your alternate executor in the event your executor is unwilling or unable to act.  Alternatively, you could appoint two or more people to jointly act as your executors.
• If you appoint more than one executor to act jointly what is their relationship like?   The end result if your executors cannot reach an agreement as to how to administer your estate is a potentially costly legal dispute and lengthy delays in administering your estate to your beneficiaries.
• Do the executor(s) and beneficiary(ies) get along?   Similar to the above, conflict between your executor(s) and beneficiary(ies) could result in a costly legal dispute and lengthy delays in administering your estate to your beneficiaries.
• Where do they live?   This is an important consideration as the person you appoint will need to be able to attend to all matters related to your estate administration including dealing with any property and signing any legal documentation required.

Should you have any further questions in relation to appointing an executor or you wish to discuss your estate planning further, please do not hesitate to contact us on (08) 8312 4800 or email your question to admin@weatherlylawyers.com.au.