Who should be appointed as an executor - Better the Devil you know(?)**

Previous posts have considered some of the key questions to ask in any estate planning situation - the following View articles also set out some of the key issues to be aware of:

https://viewlegal.zendesk.com/hc/en-au/articles/360036531992-What-is-an-executor-

https://viewlegal.zendesk.com/hc/en-au/articles/360036532092-Testamentary-trusts-overview

Generally it is critical to ensure the choice of executor is very carefully considered.

At a threshold level, an executor should be someone the willmaker trusts implicitly.

Other key attributes to consider can include:

1. Financial literacy and acumen;
2. Emotional strength;
3. Likely ability to perform the role in the worst of circumstances;
4. Age and health;
5. Previous experience;
6. Knowledge of and strength of relationship with beneficiaries;
7. Knowledge of and strength of relationship with other executors;
8. Residency;
9. Expectations in relation to payment;
10. Overall willingness to act.

The executor of the will is also known as the trustee. While the trustee of the testamentary trust is often the same as the executor, it can however be someone different.

Generally there can be up to 4 executors appointed at any one time. Particularly if only one executor is appointed initially, having at least one back up is generally advisable.

As usual, please contact me if you would like access to any of the content mentioned in this post.

** for the trainspotters, the title today is riffed from the Kylie Minogue song 'Better the devil you know'.

View here: