If you are wondering who can be an executor of a will you have come to the right place. Here we discuss your options for appointing people to be the executor of your estate. As this person or persons will have a lot of power under your will, it is very important that you choose your executor very wisely to avoid any potential conflicts arising after your death.
If you want to make a will and have have a detailed discussion of the best person to make the executor of your will, our experienced lawyers are always happy to help. Don’t hesitate to give us a call on 07 3073 2405.
Who should be the executor of my will?
First, it might be necessary to consider what is an executor and what are their duties? An executor is a person who is responsible for administering the estate of the deceased after they have died. In Queensland, the duties of the executor fall under the Succession Act 1981 (Qld)
You are free to appoint anyone over the age of 18 as the executor of your will in Queensland. The executor or executors will ordinarily be afforded a wide range of powers under the will. We would highly advise appointing a person or persons you know and trust well as your executor or executors as you want to have confidence that the executor will carry out your wishes in accordance with the will.
You may elect one of more person as executors of your estate. It is highly advisable to select people who you believe are rational and will work well together to carry out your wishes. It is highly advisable not to select people who will end up fighting or in a will dispute after your death.
What does an executor of a will do?
The executor of the will be afforded a wide range of powers under a will which can include:
- Obtaining a grant of probate
- Paying debts
- Making funeral arrangements on behalf of the family
- Distributing the assets of the estate
- Notifying relevant bodies such as government agencies of the deceased’s passing.
Typically an executor must complete the above tasks within 1 year. This is known as the executor’s year.
Possible Options for Executors
There are a wide range of options of who can be an executor including family members, friends, professional executors and solicitors. Here is a break down of some of the more popular options and risks:
Spouse
In the event that you plan to leave your entire estate to your significant other, often the most prudent thing to do is also appoint your spouse as the executor of your estate. If your estate is to be divided between multiple people, the decision of who should be your executor becomes far more significant. When you are leaving your estate to more than one person, often people choose to have multiple executors in place as a form of check and balance on one another.
Can I appoint my adult children to be the executor?
People often wonder if it is possible to appoint adult children as the executor of their will if they will also benefit from their estate. The answer to this question is yes, it is entirely possible to appoint your adult children to be the executors of your estate. Sometimes, this is the most practical thing to do for the efficient administration of the estate.
Whether you choose to appoint your adult children as executor or not is a very personal thing and depends largely on your level of trust with them. Executors are responsible for making the best decisions in regards to your estate. If you are leaving behind minor children, this will involve making financial decisions in their best interests too.
If you are leaving your estate to your children, sometimes it is best to elect an impartial third party (not benefiting from your estate) as executor to act fairly and reasonably. This might be trusted friends, a professional body or a solicitor.
Can a solicitor be appointed executor?
It is entirely possible to elect a solicitor, accountant or another professional body to be the executor of your will. Having a professional third party involved, can help the administration of your estate run smoothly after your death. Please note that professional persons including solicitors and accountants are allowed to charge fees for their time in the administration of your estate if you elect them. In accordance with the laws in Queensland, this needs to be fully disclosed to you.
What happens if my executor is dead?
This is possible. For this reason we would highly advise appointing a back up executor to act in the event your nominated executor is no longer available. If a back up executor has not been nominated it is necessary for a person to apply to the Supreme Court to be an administrator of the estate.
What to do next?
It is always best to get legal advice on your wishes after death. For this reason, we would strongly advise against the use of a online will kit. While this option may be cheaper in the short term, failure to take into account all circumstances may cost your beneficiaries greatly in the long term.
To draft a will or speak to a lawyer about your estate, call our office on 07 3073 2405.
