5 things to know about being appointed as an executor

In many circumstances a testator (a person who makes a Will) will choose to appoint a relative or close friend as their executor. 

While this will often have been discussed with the appointed individual, it may not always be the case.

If you find that you’ve been appointed as an executor and are unsure what this will mean we have set out a brief overview below.

1. As executor you will have the legal authority to deal with the assets in the deceased’s estate. 

2. By dealing with the assets you will need to identify what was held in the deceased’s name and distribute the assets according to the Will once all bills and liabilities have been settled. This may include selling property, cashing in investments and closing down bank accounts. 

3. As the executor you may also need to apply for a Grant of Probate. This is the document issued from the Probate Court which confirms your legal entitlement to deal with the deceased’s assets. For substantial assets, including high value bank accounts and investments, and the sale of property, the Grant of Probate will be needed before you can access those assets and finalise arrangements. 

4. The role of an executor can be a complex task, depending on the size of an estate and the nature of the assets included. Sometimes people choose to appoint a firm of Solicitors as their executor rather than an individual. If you have been appointed as an executor this does not prevent you from obtaining legal advice and assistance. You may decide to instruct a solicitor to act on your behalf and will be able to discuss the extent of the firm’s involvement. 

5. Being appointed as an executor does not necessarily mean that you have to act. If you do not wish to carry out the duties of an executor you can renounce your right to be the executor. It is important however to note that if you are intending to renounce the appointment then you must not have ‘intermeddled’ with the estate – i.e. you have not begun to make any arrangements for the deceased’s estate or their assets.

If you would like to find out more about the options as to who to appoint as executors in your Will, or if you have been appointed as an executor and would like to discuss how we can assist you in your role contact us for a free no obligation quotation.