An Executor is the person appointed in a Will to manage the estate of the Willmaker. The Executor must be over the age of 18 at the time of applying for the Grant of Probate, the process by which the Executor administers the estate. It is advisable that the person appointed is also resident in the State where the assets of the estate are located.
Your Executor must follow your instructions as set out in the Will. If they fail to do so the Court or Registrar of Probate can take action against them.
A substitute Executor can be appointed in the event that the original Executor is either unable or unwilling to act.
The duties of an Executor can often be complex and demanding. They are usually required to have an understanding of a wide range of areas. They need to be able to understand basic accounting and deal comfortably with a range of people including banks and lawyers and your family. Sometimes they may need to deal with disputes between beneficiaries or claims being made against your estate. It is for this reason that we recommend that you ask the person you wish to appoint if they are happy to take on the role of being your executor.
If you want to choose a family member we advise that you appoint that person together with a capable friend or business colleague as a second Executor. If an Executor needs professional assistance to undertake their role. Any costs associated with such professional help will be paid out of the estate before the assets are distributed.
You may also appoint a statutory trustee company or a professional adviser such as a legal practitioner or an accountant as your Executive. Please be aware that should you choose to appoint a professional as executor, they will need to be paid from your estate. You should refer to payment for their services in your Will.