Now that you decided to prepare your will, you need to think about who is going to be the executor of your estate. This is an important of a legal will and even if you prepare a Legal will with the help of online services such as www.legalwill.com.au, you can still make mistakes so you should consider the country’s laws on will preparation to be on the safe side should problems occur or if someone decides to contest your will after your death. Legal experts say that you should not choose an executor that is also a beneficiary because this may be seen as a conflict of interest by other relatives.
Find Someone Who Is Organized and Mature
One of the most important qualities of an estate executor is his organization skills and maturity in all areas of his life. If your nephew appears more financially responsible and has some years of experience than your own daughter, you may decide to make him the executor but if your daughter is showing real signs of improvement in her behavior overall, you can name her the co-executor of your estate, although you should discuss this with both the nephew and your daughter. The best executor is also assertive and who can follow instructions carefully.
Ask If They Want This Role
You may want a certain person to be the executor of your estate but the fair thing to do is ask the person if he wants this responsibility because depending on how large your estate is, number of dependents you have and the amount of debt you owe, the person may feel he is not qualified for the job. You want to have a short list of at least five candidates for this role before you name the executor of the legal will.
Honesty and Integrity
The person you name as executor in the Legal will also need to be honest and have integrity, which is why you need to observe a person’s overall character before making a choice. You may want to choose your best friend to be the executor of your estate since you have no surviving relatives but if your friend has a history of stealing funds from his job or from his own relatives, this may not be a good choice.
You must not choose a person with a criminal record or who is not a citizen of the country. Once you name the executor, and he agrees to do the job, you must give him the tools and information he needs to fulfill the duties such as financial data, your children’s trust fund information, their medical information, copies of insurance policies and anything else they may need. In conclusion, the choice of an estate executor is important, and you want take as much time as necessary to make the choice. Finally, always have a successor to your executor, in the event that he dies.