Your Executor is the person you nominate to administer your estate and distribute your assets in accordance with your Will. Your Executor becomes your legal personal representative.
You can nominate more than one person to act as your Executor. If you nominate more than one person, they must act jointly. This means all decisions on administering your estate must be made together.
Nominating an alternative Executor
The person you nominate is not bound to act as your Executor. So, it is important to nominate an alternative Executor(s). The alternative Executor(s) only act in the event that your first preference is unable, or unwilling, to act or continue to act as Executor.
Nominating your beneficiary as Executor
It is common for a Testator to nominate the main beneficiary of their Will as Executor. There is often a compelling reason for this. The main beneficiary has a vested interest in administering your estate efficiently and effectively.
Executor’s role
The role of your Executor is generally to:
- Account for all of your assets and liabilities – keeping an up-to-date list of all of your assets and liabilities in a personal file will greatly assist your Executor.
- Apply to the court for probate – this is a legal process where the court determines that the Will is valid and the Executor is given approval to begin administering the estate. Depending on the size of your estate and the assets involved, an Executor may not always have to apply for probate.
- Call in all of your assets.
- Pay out any outstanding taxes and liabilities.
- Distribute the remaining assets to your beneficiaries in accordance with your Will.
Learn how
Dixon Advisory Law can help you draft your Will and other legal documents.