Estate Planning: Choosing an Executor

Estate Planning:

Choosing an Executor

by Dr Edgar Paltzer

BUSINESS

Choosing an Executor

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Choosing an executor is an important part of making a will. The executor is essentially responsible for ensuring the wishes expressed in the will are carried out, so the named individual or individuals must be trusted, responsible and reliable. Virtually any adult can be named an e x e c u t o r, s o t h e r e a r e m a n y f a c t o r s t o c o n s i d e r.

Family and Friends Many people choose a family member or close friend to act as the executor of their will, as they know they have a trusted relationship with that person. This can be a good idea for many, but it pays to bear in mind that people with an emotional connection to the deceased may find it hard to take on this responsibility so soon after they have passed. A relative or friend may also find it difficult to set aside their emotions and make unbiased decisions.

Professionals Some people choose to employ a professional to act as the executor of their will, which has the benefit of placing someone who can be completely impartial in charge of distributing assets. A professional will usually charge a fee for the service but has the experience and the ability to make judgements based purely on fact.

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You can read more about the role of the executor by visiting the blog of Dr Edgar Paltzer.