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While the importance of having an up-to-date will is commonly understood, not everyone understands how vital it is to have the right executor.
Professionals who work in this area see many instances where not understanding the role of an executor has caused unnecessary anguish to those left behind.
An executor’s role is to ensure that the instructions in a person’s Will are carried out according to their wishes. It may include liaising with a funeral home to ensure that a person’s funeral is held according to their preferences, establishing which assets they held at the time of their death, transferring property, closing bank accounts, paying debts and taxes, and advertising for any creditors to identify themselves.
All of these important tasks need to be completed before the executor can distribute the person’s assets according to the instructions in their Will.
The time it takes to execute a Will varies, but may take up to six months given the amount of paperwork and the number of interactions necessary to complete the person’s final instructions outlined in their Will.
It is common for an executor to also manage any claims against the estate, as well as any disputes that arise among beneficiaries. It is this part of the role that often proves difficult for private executors, who may need to seek independent legal advice. As private executors could be a family member and also a beneficiary, maintaining neutrality can be confronting in such situations.
Ideally, an executor is named when a Will is written. Anyone can be chosen for the role, but it is not a decision to take lightly. The executor should ideally be experienced with legal and financial documents, highly organised and have time to spend on the work.
An alternative to naming a private executor is to name an organisation, or a professional, to appoint or act as executor. While a professional executor will charge fees to the estate, their services may prove invaluable to the beneficiaries.
However, private executors can always get help if they need it – including from an ‘executor assist service’. This service will typically ensure the same person works alongside the executor right through to the end of the process. It is available from the Public Trust, and solicitors can also assist private executors with any court documents required.
Naming someone to execute your Will is asking a big favour, which should always be discussed with that person before naming them in the Will. It’s not a job that everyone can do, or will want to do.
