21/06/2023
Put simply, your executor should be a person you trust to follow your wishes and wind up your Estate.
Their job can involve calling in and liquidating your assets, ensuring any debts or liabilities are paid, arranging for the sale of your property, finalizing any tax and superannuation matters and distributing your Estate in accordance with the terms of your Will. Your executor will be bound by specific duties and obligations when they act in this capacity, and often times on a practical level, there can be a lot of paperwork involved.
This is why it’s necessary to appoint the right person.
Here are some things that you may wish to consider when choosing your executor:
🎯 Capacity: your executor needs to be ‘willing and able’ to do what is required to administer your Estate. It may be beneficial to check with the person you intend to appoint before you appoint them that they will be up to (and comfortable with) the task. If you think you need an independent person to be your executor (ie. in circumstances with difficult family dynamics or a complicated/large Estate), we can discuss options available to you.
🎯 Age: you should consider the age of your executor in relation to your age when you execute your Will, because their longevity in the role may require you to appoint a back-up (substitute executor). Your executor also needs to be over the age of 18, so you may need to look at updating your Will if you wish to appoint your children as they get older.
🎯 Relationship: your executor should be someone you trust to do the right thing. This is most often your spouse, parent, sibling or close relative who knows you and your wishes. In some circumstances, it could also be your solicitor.
🎯 Location: in a practical sense, it is often easier if your executor is in the same country where you and your assets are located.
🎯 Number: you may wish to appoint more than one executor. Having more than one executor may assist in ensuring the administration of your Estate progresses smoothly, efficiently and fairly. This is especially so in complicated family circumstances, or, for example, if you want to keep things equal between your children.
During your appointment, we will provide you with tailored advice for your situation. Need assistance or want to find out more?
Contact Hawkes Lawyers now:
📧 [email protected]
🌳 Buderim (07) 5445 4711
🌊 Minyama (07) 5444 6909
