It is your executor (also known as a legal personal representative) who will be responsible for carrying out your wishes contained in your Will upon your passing. This is an important role and we recommend considering the following when deciding on who to appoint as your executor:
- Trustworthiness: do you trust that they will act with integrity when dealing with your financial affairs and distributing to beneficiaries?
- Organisational skills: do they have the necessary organisational skills to manage paperwork, assets and deadlines?
- Availability: will they be available to handle paperwork and dealing with lawyers and accountants?
- Location: are they located in another estate or overseas? If they are often away for work for lengthy periods of time, will they be the right fit?
- Neutral: will they be able to stay neutral if there are conflicts amongst beneficiaries?
- Communication: have you spoken to them to see whether they are willing to take on the role? If they do not wish to act, it provides you time to consider alternatives.
We suggest that you have an alternate executor who may act in the event that the initial executor is unable to do so.
The Small Business Lawyer offers competitive fixed fee services to draft your estate planning documents (such as your Will, Enduring Power of Attorney, company Power of Attorney and Advance Health Directive). If you would like to discuss your estate planning, please contact us to arrange a consultation.