By Rebecca Collins - 16 Oct 2013
One of the most important decisions when making a Will is who to
appoint as executor. An executor's job can be very demanding
with very little or no reward. Executors can also be held
personally liable if an estate is not administered in the correct
way, so you must be sure you select the right person for the
job.
The things your executor will have to do include:
- applying to the High Court for a grant of probate
- gathering in all estate assets
- paying all estate liabilities
- distributing the estate balance to the beneficiaries pursuant
to the terms of your Will
- ensuring all tax returns are filed
While an estate lawyer can assist the executor in these,
important decisions may need to be made by the executor.
When considering who to appoint as your executor, look for a
person who:
- knows and understands your family dynamic
- can be resolute against pressure from beneficiaries
- is trustworthy and honest
- can make good decisions, including business and investment
decisions
- is available to sign documents
- is preferably resident in New Zealand to avoid unnecessary
costs to the estate
If there is a possibility of a claim against your estate, an
independent, professional executor, such as a lawyer or accountant,
may be a good option to ensure your family members are not put into
positions of conflict.
You may decide to appoint more than one executor so the pressure
and responsibility is shared. This would also allow for one of the
executors to act, should the other be unwilling or unable to do so.
You could appoint one executor who knows and understands your
family well, and one professional. There are a number of options
available and things to consider. Please contact us to discuss
these with you.
Contacts
Rebecca
Collins
Lewis
Grant