One of the key decisions of your Will is appointing your executor – that is, the person who will carry out your final wishes as per your Will, because when you die your executor becomes responsible for managing your estate.
A good friend or family member may seem the logical person, but do they have the skills, savviness and time to do the role adequately? They may feel honoured but it may not be within their capabilities. This is why it is a good idea to also nominate a “back up” executor should your primary executor be unable to carry out their responsibilities or need support.
Generally speaking, it makes most sense to select someone who is named as a beneficiary in your Will as they have a vested interest in doing the role properly and efficiently. Having to act as an executor can be onerous and it can be a lot of work for someone who is not a beneficiary of your estate.
Sometimes there may be no one suitable for the role or family conflicts may make it difficult to appoint a family member, so it will be necessary to appoint someone like your lawyer, accountant or financial advisor as your executor.
Obviously there will be a charge for this, and this will be paid for out of your estate. For more information about the role of executor visit our FAQ’s here https://ourwillsyourway.com.au/faqs/
