Executor(s) are the individuals that you nominate within your will to conclude your estate when you pass away. In simpler terms, they are responsible for organising your money and assets when you pass, and following the wishes in your will. It is therefore very important that you carefully consider who you nominate to be your Executor(s). You can nominate 1 or more Executors to act altogether, or alternatively you can nominate 1 or more individuals to act as your Executors, and then others as reserves if they were unable or unwillingly to act.
Some of the tasks Executors may need to carry out are:
- Collating and recording financial documentation such as assets of the person who has passed
- Sending copies of the Death Certificate to Financial Organisations related to the person who has passed
- Finding the most up to date version of the person’s will
- Apply for Grant of Probate if necessary
- Ensuring any debts of the person who has passed are paid
- Opening a Bank Account on behalf of the Estate
- Distributing the Estate as per the wishes outlined in the will
- Arranging the Funeral if necessary
Being an Executor is a task that should not be taken lightly and involves a lot of work and responsibility. You will need to make sure the individuals you nominate are organised, literate, numerate, good with money and trustworthy. Make sure that you ask the person first if they are happy to undertake the role!