Why is it so important to choose your Executors carefully?
It is extremely important to choose your Executors carefully because they are the people that will be carrying out the wishes contained in your Will.
Executors administer your Estate including distributing your assets to your beneficiaries. In order to administer your Estate your Executors will be given the power to deal with your assets and this may include the power to sell real estate and make investments.
Although your Executors have a duty to act honestly in the interests of your beneficiaries there are a number of court cases where Executors have breached this duty to further their own financial interests.
To ensure that your Estate is not caught up in expensive litigation if your Executors breach their duty to your beneficiaries you need to make sure that the Executors you choose are trustworthy and will act in your beneficiaries best interests.
When considering whom to appoint as your Executors you should also consider their age, as you want to avoid appointing Executors who may not be alive to administer your Estate. It is also wise to appoint more than one Executor to ensure that, in the event one of the Executors is unable or unwilling to act as your Executor, the surviving Executor can administer your Estate. Administering an Estate can be time consuming so before you decide on your Executors have a talk with them to make sure that they are willing to act for you in this capacity.
Your Executors will also be the people who will be in charge in the event that there is a family provision challenge to your Will. In a day of sometimes complex family arrangements appointing Executors who are aware of your family circumstances and the reasons behind the distribution of your assets can be helpful.
There are numerous additional reasons why choosing your Executors carefully is essential. However, the one thing to keep at the front of your mind is the fact that you are handing your Executors all your assets for distribution to your beneficiaries. So you need to choose carefully.
Our expert Wills and Estates Lawyers are aware of the problems that can arise when a person does not choose their Executors carefully. This knowledge makes them an invaluable resource in advising people on choosing Executors to ensure that the distribution of your assets after your death is as smooth as possible for your beneficiaries. We can advise you in depth about the rights and responsibilities of your Executors and the type of powers that they can be given to distribute your Estate.
At Heckenberg Lawyers we don’t take our clients’ confidence for granted: we work hard to earn it by providing an efficient, cost effective service which puts your interests first and doesn’t cut corners. We take pride in achieving repeat custom and winning clients by word of mouth recommendation.
If you need advice about a Will or an Estate matter please call 02 9221 2779 or email email@example.com you’ll be glad you did!