When you make a Will, you will choose someone to be yourexecutor – the person in charge of distributing your estate to the correct beneficiaries after you pass away. RMB Wills and Estates Division explains what you should consider when deciding on who you want as your Executor:
Does your Executor live in the same state as you?
You should choose an Executor who lives in the same state that your assets are located in. If you have assets in more than one state, it is recommended that you choose an executor who lives in the state where most of your assets are located.
The reason for this is because your executor will have to apply to the Supreme Court in the state where your assets are in to obtain Probate (where the Will is declared a valid document). Also, your executor will have to deal with the banks and businesses you have assets and debts with to obtain your assets for probate and pay off any debts.
Will your Executor have the time to do the necessary work?
Being an executor can be very time consuming for someone, so you should choose someone who you know will be able to handle all of the necessary paperwork in a timely fashion. Also, you need to make sure that the person you choose will be able to understand what he/she needs to do in order to obtain Probate and deal with your assets.
If you do not, it will slow down the process and the distribution of your assets.
Does your Executor want the role?
While you may want to choose a particular person as your executor, you should make sure that person wants to take on the role before making that decision. It may be the person you choose won’t want to be your executor or won’t feel that he or she will be able to do an adequate job as your executor.
Thus, it is recommended that you have a conversation with the person you want to have as your executor before making any decision.
At RMB Lawyers we specialise in estate management, and we provide expert advice to clients on issues such as choosing an executor, leaving someone out of their Will, providing gifts to beneficiaries and more.
If you have any questions about your current executor or need assistance in choosing one, your first step should be to contact our office to arrange a free consultation. You can contact us by by phone or our 'Ask a Question' tool on our website.