Choosing an executor – the person or institution you put in charge of administering your estate and carrying out your final wishes – is one of the most important decisions you’ll make when preparing a will.
Picking the right executor can help ensure the prompt, accurate distribution of your possessions with a minimum of family friction. Some of the duties of an executor include:
- Filing court papers to start the probate process
- Taking an inventory of everything in the estate
- Using your estate’s funds to pay bills, including taxes and funeral costs
- Handling matters like terminating credit cards, notifying banks and government agencies like Centrelink of the death
- Preparing and lodging final income tax returns
- Distributing assets to the beneficiaries named in the will
- Defending any family provisions claim made against the estate
The ideal candidate should be someone who is honest, dependable, well-organised, good with paperwork and vigilant about meeting deadlines.
Choosing an Executor – More Tips