What is an Executor and How Do You Choose One?

Not only does the Executor of a Will distribute the deceased's estate assets and property, they are also responsible for making sure the wishes of the deceased person are respected and carried out; from the funeral, to managing disputes and ensuring personal effects reach all the beneficiaries intended. So, what qualities does an Executor need to have and who should you choose to do this essential job?

What is an executor?

An Executor is a person appointed by a Will maker to carry out their wishes after they pass away. The Executor is the “personal representative” of the deceased and has a legal duty to do what the Will directs, and to act in the best interest of the beneficiaries.

What does an executor do?

The duties of an Executor can include a range of tasks from funeral arrangements, seeking a grant of probate in reasonable time, investing surplus funds and distributing all the assets in the deceased person's estate.

The role involves all the paperwork and deadlines, legal document admin and supreme court attendance. As such, it requires someone with a willingness to get on top of potentially tricky legal and financial issues, as well as communicate with a lawyer and any government agencies on liabilities, income flows, and Australian tax office issues. On top of all of that, if disputes arise, your'e executor duties extend to acting as a negotiator and peace maker. Ensuring the wishes in the last will and testament are seen through after death.

Who can you appoint as executor?

You have the choice of family members, friends, or professionals to act as executor for your estate. Theres a lot of responsibility for the person named into this role, and consequent benefits and drawbacks to each of these options

It's important to remember that if they are a family member or friend, an Executor will be administrating your estate, while coming to terms with the death of someone they love and care about. Executors duties can become overwhelming at a time of grief, when money, funds and property admin are the last thing on anyone's mind. Administrating the estate can also become tricky when things are personal, and any disputes amongst beneficiaries become personal.

For this reason, as the will maker you have the alternative option to select an impartial third party (like Safewill). They can pay debts, deal with income flows, navigate probate law, and ensure property and other assets are sold to arrange cash payment to beneficiaries. Basically dealing with all the complex administration that personal executor may struggle with.

Regardless of your choice of executor, it doesn't have to be as daunting as it seems. Below, we explain the key things to look for to inform your choice and ensure the responsibilities of administrating your estate will be adequately met.

Who can be an Executor of a Will in Australia?

An Executor of a Will in Australia can be anyone over the age of 18. Generally it is either someone close to the Will maker such as their partner, family member or friend, or a professional executor who charges a fee to administer the estate. Increasingly professional executors are being appointed to reduce the burden on family members, who are already dealing with the emotional stress of losing a loved one.

There is nothing precluding a beneficiary named in the Will to also be named as the Executor, and it is possible to have more than one Executor.

Who should you choose as the Executor of your Will?

The person you appoint as Executor must above all understand both the big picture and the nitty gritty of your Estate plan. They should be someone you can trust to act independently of their own interests, especially if they're also a Beneficiary of the Will.

Four key things you should look for in an Executor:

1. An Executor needs to have the time to do their job properly

Small or simple Estates containing a minimal amount of property and a straightforward distribution of assets can be settled relatively quickly.

Larger and more complicated estates and liabilities need an Executor who can commit time to making a detailed plan of action and carry it out. It may often involve visits to supreme court, liquidation of estate assets, selling property, settling of debts, and very good record keeping to document that all beneficiaries have received their legal entitlements.

2. An Executor should be someone who won't be overwhelmed by their responsibilities

An Executor should ideally be a good multi-tasker who can juggle a variety of tasks in an organised way and not collapse under the weight of their duties.

They will need to understand how to prioritise the most pressing issues and transactions. They will also need a skillset that can cover a large range of activities - from searching for and locating assets, to protecting the estate, and documenting all assets and distributions.

3. An Executor should have good diplomatic and communication skills

A good Executor is someone who's able to manage expectations and calm ruffled feathers. They need to keep all parties in the loop and proactively solve problems before they get out of control.

Regularly communicating progress to Beneficiaries and all the other interested parties to a Will is also an important part of an Executor's job.

4. An Executor should be committed for the long haul

With a well planned Will as a guide, the majority of Estates can be settled quickly, efficiently and with a minimum of stress.

Simplicity isn't always a given when it comes to dividing Estates, however, and your Executor needs to remain committed to their job even when complications arise and the Probate process drags on.

When to choose a professional Executor

Sometimes it may be impossible to find a skilled or independent person to act as your Executor, or you may wish to save your loved ones that burden. In an instance like this, it may make more sense to appoint a professional executor to manage the affairs of your estate.

A Safewill Will makes it easy for your Executor

Safewill makes it easy to nominate your Executor - you can choose up to two co-executors and two backup executors to administer your estate within the role. You can even notify your Executors that your Will is stored with Safewill, providing an added measure of security that your document can be accessed by those who need it, when they need it.

You can get started on making your bespoke Safewill Will with just a few clicks or apply for Probate with Safewill Legal & simplify your journey as an executor.

Get started on writing your will and appointing your executor today, by giving us a call on 1800 103 310 , or via live chat now.