Who can be the Executor ?

  • Any adult person can be the Executor (over 18 years).
  • There is no limit on number but more than 2 might become unworkable. Common to appoint one with an alternate if the first can't or won't take on the task.
  • must be a named or definite person
  • The Supreme Court normally require the Executor resides within NSW or be able to give an address for service of documents in NSW.
  • Usually you would want someone you can trust and who has some experience in dealing with assets. The duties may involve selling assets and making decisions as to the price and method of sale.
  • A solicitor can be the executor either alone or with other executors. It is sometimes a good idea to appoint your solicitor with the other executors as a 'referee' in case of disputes.
  • The NSW Trust & Guardian (formerly Public Trustee) or a private trustee company can be executor.
  • a beneficiary can be the executor and it is common to appoint the person receiving the largest interest as executor.
  • it is not a good idea to appoint a person who may have a conflict with the other beneficiaries.
  • a person who is to receive a life interest should not be appointed as executor as the estate will continue until after they pass away.
  • a person who may wish to purchase an asset from the estate may not be a good choice as he can't buy from himself without a specific clause in the will or the consent of all the other beneficiaries (who would all have to be adults) or court approval.
Who can be a witness to the will ?
What is an Executor and what do they have to do?
 

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Tuesday, 22 October 2019
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