I’m thinking of appointing my daughter as my executor. What would this actually involve for her?
An executor is someone who looks after your estate and carries out your instructions when you die. It is not always an easy task and it is advisable to appoint someone who has a reasonable understanding of accounting, taxation issues and the law.
As an executor, your daughter may be required to:
- Organise the funeral and locate your will;
- Apply to the Supreme Court in your State for probate (formal permission for her to administer the estate);
- Distribute assets to your beneficiaries (people who you want to receive property under your will) and satisfy any debts;
- In some cases, manage assets under a trust;
- Prepare necessary reports and taxation returns; and
- Defend the estate in litigation.
Most importantly, make sure that you choose someone who you trust and know is up to the task and speak to your lawyer if you have concerns.
See our Estate Planning page for more information on the Wills & Estates services we provide or contact us for advice specific to your situation.