When someone dies in Australia, their will names an executor – a trusted person responsible for carrying out their final wishes and managing the estate. While it’s considered an honour to be asked, being an executor is also a serious responsibility.
When you’re choosing someone to take on this role, it’s important to understand what it involves and the considerations that come with it.
What is the Role of an Executor?
At a high level, an executor is legally responsible for administering the deceased person’s estate. This includes:
- Locating the will and applying for probate
- Identifying assets and liabilities including bank accounts, property, superannuation, debts, bills and subscriptions
- Paying off outstanding debts from the estate
- Distributing assets to beneficiaries according to the will
- Finalising tax matters, including lodging the final tax return
- Managing ongoing admin like notifying government departments, closing digital accounts and cancelling recurring payments
Depending on the complexity of the estate, the process can take hundreds of hours over many months – sometimes more than a year.
Key Considerations When Choosing an Executor
If you’re preparing your own will, here’s what you should keep in mind before nominating someone:
- Trustworthiness & Organisational Skills
Your executor should be organised, diligent and trustworthy. They will need to handle financial matters, legal documents and a large volume of administrative tasks like phone calls and emails.
- Emotional Intelligence
Your executor may need to manage a number of emotionally charged conversations with your loved ones and benefactors. They will need to make final decisions regarding how your estate settles, which may not be popular. If handled poorly, an estate may end up being challenged in the courts.
- Willingness & Capacity
Have a conversation with your intended executor. Are they willing to take on the role? Do they have the time and emotional capacity, especially during what might be a very difficult period?
- Location
While not legally required, it’s often easier if your executor lives in the same state or territory. This can simplify tasks like attending court, dealing with local property, or meeting with banks and service providers.
- Age & Longevity
Choose someone likely to outlive you or consider nominating an alternate executor just in case.
- Consider a BillWill Letter of Wishes
If your estate is complex, involves business assets or if there’s a chance of family conflict, you may want to create a comprehensive letter of wishes to help guide your executor during this tough time.
What a Will Doesn’t Cover – and Why It Matters
A will outlines who gets what, but it usually doesn’t cover how to find things. Executors are often left searching for:
- Guidance on how to look after dependents
- Instructions on how to look after pets
- Contact details for important people and organisations
- Personal wishes around funeral arrangements or sentimental belongings
- Login details for bank, email or superannuation accounts
- List of important possessions, assets and liabilities
- A list of bills and subscriptions to cancel
- Digital assets like social media or cloud storage
- Who to notify (friends, colleagues, organisations)
That’s where a Letter of Wishes can help. It’s a final gift you can leave your executor to makes their job dramatically easier. At BillWill, we make it simple to create one, so your executor isn’t left piecing things together at one of the most difficult times in their life.
Saying Thank You
BillWill also allows you to organise for a gift to be sent to your executor to thank them for their hard work and service in advance.
Final Word
Being an executor is a generous act of service but it’s also a role that carries real responsibility. If you’re preparing your estate, consider who would be capable and supported in taking it on. Getting prepared and having the right tools in place can make all the difference.
Check out our simple Guide – which you can download and share for free
DISCLAIMER: The information on this website is for general information only. It should not be taken as constituting professional advice. BillWill is not a financial adviser or legal professional. You should consider seeking independent legal financial or other advice to check how the website information relates to your unique circumstances. BillWill is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.