Executors
An Executor is a person or persons who you select in your Will to carry out all of your arrangements after your death. Their duties include:
- Making your funeral and burial arrangements
- Paying your debts
- Arranging for the distribution of your assets to the beneficiaries you have selected
- In general, representing you (i.e. your estate)
You can select one or more Executors, although more than two becomes impractical. The persons you select should be persons not only that you trust, but who also have the organisational skills necessary to do the job. You may for instance, dearly love and trust your brother, Bob, but know that he is hopeless with money matters. Better then to select cousin Mary, who may not be quite as close, but is still a trusted relative and is also a Bookkeeper.
When selecting an Executor, you may also like to keep the following in mind:
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Consider selecting 2 Executors who act jointly in distributing your estate. That way, each acts as a watchdog on the other, and also they can share the duties, which can get heavy. |
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- Your Executor can also be a beneficiary (for instance, your partner, parent, or child
over 18)
- If you select only one Executor, consider selecting a ‘back up’ in the event that your first Executor dies before you
- If you do not have a
close relative or friend that is suitable, you can
nominate a Solicitor or the Public Trustee. They will
charge your estate for this service
Executors as Trustees
The Executor will distribute your Estate to the beneficiaries you select in your Will. However, not all beneficiaries will take their gift straight away. The following are examples of beneficiaries that cannot hold their gift in their own right:
- Children (under 18 years of age)
- Persons who have a legal disability (for instance mental incapacity)
In these cases, the Executor has an extra duty, namely, to act as a Trustee for that person until they can take the gift for themselves. So in the case of infant children, that will be until they turn 18 years
of age. For some beneficiaries, this may be for the term of their life (eg for the mentally disabled, or comatozed person).
The Executor will need to prudently invest the monies until the beneficiaries can take the gift. Ho
