Choosing Executors is one of the most important parts of your Estate plan – after all, these are the people that have legal responsibility for the administration of your Estate according to the provisions of your Will and any wishes you have left after you pass away. Therefore, being an Executor may be a time-consuming role, your Executors may endure complexities during the administration which they must deal with. As a result, selecting the right person/people is crucial to ensure that the administration of your Estate is handled smoothly and in accordance with your wishes.
So, who is the right person? That isn’t a simple answer and will be different for everyone, however this article outlines the most important considerations and qualities, providing you with insight to keep in mind when you do choose your Executor/s.
Qualities To Look For
- Trustworthiness
Without a doubt, integrity is the most important quality an Executor can have. An Executor has access to all of your assets and is ultimately the one making the decisions to ensure your wishes are carried out correctly. If this person cannot be trusted to act in the best interests of you and your Beneficiaries, they should not be chosen to be an Executor of your Estate.
2. Organisational Skills
Administering an Estate is no easy feat. It will mean dealing with extensive paperwork and working with a network of various third parties such as Solicitors, accountants, estate agents, creditors and more. An Executor therefore needs to be detail-oriented, organised and be able to meet deadlines. This is imperative if they are to be well-equipped to manage these responsibilities
3. Financial Acumen
This doesn’t mean being a financial genius, but a basic understanding of finances will be important when moving around potentially large amounts of money. They need to be able to understand the assets you have left, the taxes they incur (if any), as well as any other financial wishes you might have included in your Will. Naturally, the more complex the Estate, the more financially-minded you may want your Executors to be.
4. Emotional Resilience
If an Executor is handling the Estate of a loved one, as they often are, it can be an especially difficult time for them generally, let alone with the additional responsibilities that they take on with this role. It may be a good idea to consider someone who has a level of emotional resilience so that they are capable of maintaining a clear head.
5. Impartiality
The Executor must work in the best interest of all the Beneficiaries, which may be a challenge if they have a strong bias. For example, it can be quite common for an Executor to be a Beneficiary and in a situation where they have a negative relationship with another Beneficiary, it is essential you have confidence that your chosen Executor will act in accordance with your wishes over any tensions that may exist between Beneficiaries.
Questions To Ask Yourself When Choosing An Executor
Aside from these particular qualities that are vital in any Executor, there are some other questions that you should consider.
- Will they have the time?
One example is the question over their availability. They may be emotionally prepared to fulfil the role, but what if they simply don’t have the time? We all have times where prior commitments are in the way and this is something you should consider if you’re selecting someone who is a particularly busy person.
2. Can they handle conflict?
Conflicts arising during the administration process is an all-too-common occurrence, so you should know how your chosen Executor would deal with this. Can they keep a cool head during disputes? Are they effective mediators? If your answer isn’t ‘yes’ to those questions, you may wish to consider your choice.
3. Do they understand your wishes?
It’s our job to make sure that your Will is as clear and easily interpretable as possible, but this will not guarantee your Executor will not take their own creative liberties. That means its best for Executors to understand your wishes explicitly, whether that’s a family member’s deep understanding of your character, or a professional’s understanding of Will’s as a whole.
4. Are they local?
As simple as it sounds, it’s difficult to administer an Estate from a long distance. That’s why local friends, family or professionals are often a better candidate for the role.
Family and Friends or a Professional?
Generally speaking, there are two options for choosing an Executor; do you want someone who you know personally, or someone who has expertise in the role? There are many benefits to selecting someone who you know personally, and as a result it’s often the more popular option. With family members or close friends, an individual can choose the person/people that they trust the most, which is an invaluable feature of an Executor. It’s also financially beneficial, as the only expenses will be those accrued through the role, such as fuel or other travel costs.
Hiring a professional Executor is an alternative that has its own unique benefits. Although trust amongst family and friends is likely stronger, you can rest assured that a professional you hire will be just as trustworthy. Professional Executors often hold a number of relevant qualifications and are strictly regulated. Professional Executors often have superior organisational and financial skills, as well as lacking the biases or tension that might arise between family members acting as Executors. Although their fees may repel many, the capability, accuracy and experience of professional Executors may make them worthy of consideration, if it is within your means.
If you are looking to put together your Estate plan, or wish to appoint a professional Executor, we can arrange a 30-minute appointment free of charge where we can discuss your particular needs. If this interests you, feel free to contact us here.
