The Role of Executors in
Estate Planning

Executors play a vital role in estate planning, as they are responsible for administering your estate according to your will. Here’s an overview of their duties and how to choose the right executor:

Duties of Executors:

1. Locate the Will: Executors must locate and read the will to understand the deceased’s wishes.
2. Apply for Probate: Executors apply for a grant of probate, which gives them the legal authority to administer the estate.
3. Value the Estate: Executors must value the deceased’s assets and liabilities to determine the estate’s total value.
4. Settle Debts and Taxes: Executors pay any outstanding debts and taxes from the estate before distributing assets to beneficiaries.
5. Distribute the Estate: Executors distribute the remaining assets to the beneficiaries according to the will.
6. Keep Records: Executors must keep detailed records of all transactions and decisions made during the administration process.

Choosing the Right Executor:

1. Trustworthiness: Choose someone you trust to carry out your wishes faithfully.
2. Organisational Skills: Executors need to be well-organised and capable of handling financial matters.
3. Availability: Ensure the person you choose is willing and able to take on the responsibility.
4. Impartiality: Consider whether the executor can act impartially, especially if there are potential conflicts among beneficiaries.

You can appoint more than one executor, and it’s often advisable to have a backup executor in case your primary choice is unable to serve. By carefully selecting your executors, you can ensure that your estate is administered smoothly and according to your wishes.