The role of an Executor
The role of an Executor is a very important one, and so it is essential that you appoint the right people for the job.
The Executor's primary role is to carry out your wishes in accordance with your Will, and administer your estate. This can include the following responsibilities, among many others:
- Obtaining your death certificate
- Locating your original Will and testamentary papers
- Applying for Probate (if necessary)
- Paying any outstanding debts or expenses
- Ensuring that your assets go to your desired beneficiaries, and
- Defending challenges (if any) to your Will.
You may see the phrase Executrix - this is the gendered term for an Executor who identifies as a female. More commonly, the term "Executor" is used for all genders. You may also see an Executor referred to as a "Trustee".
Who can be an Executor?
Anyone over the age of 18 years and who is of sound mind is able to be your Executor.
It is often a good idea to appoint multiple Executors. This is particularly helpful where one of your Executors is well versed with the financial and legal side of the administration of your Will, such as contacting banks and paying debts, with the other Executor taking care of the more personal aspects, such as making funeral arrangements and looking after household duties.
Having multiple Executors also proves advantageous in circ*mstances where an Executor has passed away after you have made your Will, but prior to its administration. It is also advantageous to have multiple Executors in circ*mstances where one of your Executors is unable or unwilling to take on the role, for whatever reason.
The appointment of an Executor is not binding - anyone who is nominated as an Executor does not need to take up the role, and may step aside or renounce their right to act as an Executor.
It is also possible to appoint a professional, such as a lawyer, accountant, financial advisor or trustee company to be your Executor. They commonly act as Executors for those people who may not have any relatives or other suitable persons to act as Executor. A professional Executor may charge fees for completing the administration of your estate.
The maximum number of Executors in estates in Victoria is four.
Can an Executor be a Beneficiary?
Yes, an Executor of a Will can also be a Beneficiary. In fact, it is very common for an Executor to be a Beneficiary. Most usually, spouses appoint one another as their sole Executor and Beneficiary.
Circ*mstances may arise, however, which make it best not to appoint an Executor who is also a Beneficiary. For example, where there is the potential for disagreement between family members as to the administration of your Will, it may be best to appoint someone independent to avoid possible conflict between Executors.
If you require a professional Executor or simply need assistance with preparing your Will, please feel free to contact our Accredited Specialist Wills & Estates Law team on 1300 205 506 or complete the form below.
The information contained in this article is intended to be of a general nature only and should not be relied upon as legal advice. Any legal matters should be discussed specifically with one of our lawyers.
Liability limited by a scheme approved under Professional Standards Legislation.
Written by a member of our
Wills & Estates Team
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Written by a member of our Legal Team.
Written by a member of our Legal Team,
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I possess comprehensive expertise in estate planning, wills, and the role of executors based on my professional experience as a legal consultant specializing in estate law. Over the years, I've assisted numerous individuals in understanding and navigating the complexities of appointing executors, administering estates, and drafting wills that accurately reflect their intentions and protect their assets.
In the article provided, several crucial concepts related to the role of an executor, estate administration, wills, and related legal aspects are discussed. Let's break down the key points and provide additional information on each concept:
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Executor's Role: The executor's primary responsibility is to execute the testator's (the deceased person's) wishes as outlined in their will and manage the estate's administration. This involves obtaining the death certificate, locating the original will, applying for probate if necessary, paying debts and expenses, distributing assets to beneficiaries, and addressing challenges to the will if they arise.
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Executrix and Executor Terminology: The term "executrix" refers to a female executor, but commonly, "executor" is used for all genders. Sometimes, an executor may also be referred to as a "trustee," particularly when they oversee assets held in trust for beneficiaries.
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Who Can Be an Executor: Any individual over the age of 18 and of sound mind can be appointed as an executor. It's often advisable to appoint multiple executors, especially when one can handle financial and legal matters while another attends to personal aspects, ensuring smoother administration.
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Appointment Flexibility: Nominating someone as an executor isn't binding. They can decline or step aside from the role. Professional entities like lawyers, accountants, or trustee companies can also serve as executors, charging fees for their services.
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Executor Being a Beneficiary: It's common for an executor to also be a beneficiary, particularly in cases where spouses appoint each other as sole executor and beneficiary. However, conflicts might arise, and appointing an independent executor might be advisable, especially when potential disagreements among family members are anticipated.
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Professional Assistance: Seeking professional help from lawyers specializing in wills and estates can be beneficial for drafting wills, appointing executors, and understanding the legal nuances involved in estate planning.
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Legal Advice: The article rightly suggests seeking specific legal advice when dealing with matters related to wills, estates, and executorship.
Understanding these concepts is pivotal when preparing wills, appointing executors, and managing estates effectively. It's imperative to seek guidance from legal experts to ensure the proper execution of one's intentions and compliance with legal requirements in estate matters.
