An Executor (or administrator) is someone who is in charge of administering your estate after your passing.
You nominate an Executor in your Will to carry out your wishes. They will be responsible for all aspects of sorting out your affairs. This includes:
- Notifying people that you have died.
- Arranging a funeral.
- Dealing with any remaining debts and bills.
- Collating information on your monetary assets i.e. bank accounts, stocks and shares to assist with valuing your Estate.
- Completing your taxation returns.
- Applying for Grant of Probate.
- After Probate is granted, collecting your assets.
They will then be responsible for distributing your estate to the beneficiaries listed in your Will. The nominated administrator or Executor can also be a beneficiary of your Will, as long as they are not a minor.
It is recommended that you tell your Executor where your Will is kept, as when you die they will need to locate the original. It’s also advisable to keep information about your assets with your Will so that they are can be easily collected after your passing.
How many can I have?
You need a minimum of 1, but you can name as many as you like. It’s recommended you name more than 1, in case the person you select does not have the capacity to administer your estate after you die.
Note, only four executors can act at the same time. If you intend to name more than four, it’s often better to name some of the nominated people as ‘reserve’ Executors, making it clear who would be the preferred choice.
Does my named Executor need to be a family member?
No. It can be anyone that you trust.
You can also nominate a professional who may understand the process better than a family member. Additionally, your named Executor can seek assistance from professional probate services.
I offer probate services and you can find out more about my service here.