Choosing an executor

Choosing an executor

Choosing an executor

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We all know that we need to nominate an executor in our will, but what exactly are the executor duties and how do we choose our executors?

Executors are the people appointed in your Will who will deal with your financial affairs after your death. This is an honour, but also a duty. It carries a level of responsibility. The time and effort required will vary with the size of the estate involved but the main duties are as follows.

  • They will need to locate the Will. It makes sense to tell your executors that they are the executors, where the Will is being kept and ensure that they can get quick access to it.
  • They will need to locate your assets – including bank & building society accounts, life insurance policies etc. It makes sense to compile a list and keep it up to date.
  • They will need to settle your debts and liabilities and pay any inheritance or death tax due on the estate. This may require the sale of assets or loans.
  • They will need to distribute any items in accordance with any directions in your Will, and then sell the rest.
  • They will need to distribute the cash in accordance with the instructions in your Will.

As you can see, it is a largely administrative task and whilst your nominated executor(s) don’t have to be accountants or lawyers, they do have a ‘fiduciary responsibility’ – they must act honestly and on your behalf. A nominated executor can decline to act, so be sure you speak to any suitable candidates first to prevent any unnecessary complications after you pass.

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2018-06-05T07:59:04+00:00

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Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
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2018-06-05T08:42:23+00:00

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