Picking the right Executor can help ensure the prompt, accurate distribution of your estate while minimising the potential for conflict and objections. Hence, you should keep the following things in mind while choosing your Executor:
- Number of Executors: While you could appoint more than one Executor, it is always advisable to minimise the number of Executors (not more than two acting jointly at any point). That said, you could nominate any number of alternate Executors in your preferred order of priority should the person you initially nominated predecease you, become incapacitated, or decline to act as an Executor. You can also appoint a professional Executor.
- Qualities that the Executor must possess: The key qualities that your executor must possess are honesty, trustworthiness, good communication skills, and the ability to deal with the complexities of administering your estate.
- Get consent from your Executor: An important consideration when selecting an Executor is their availability. Therefore, you should always seek the consent of the person you nominate as your executor to avoid the potential of the person declining the responsibility after your demise.
- Fees of the Executor: If you choose a family member or friend to be the Executor of your Will, they may not charge a fee (although the expenses of administering the estate will be charged to the estate prior to any distributions). However, if you choose a professional Executor, then a portion of your estate may be charged as fees (typically 1%-5% of the estate).
- Location: Another basic consideration is the Executor's location. Things such as court appearances, checking physical mail, meeting authorities, property maintenance, etc. can be considerably more difficult if the Executor does not live near where the majority of your assets are located.
The role of the Executor is one of great responsibility, and hence it is crucial to choose your Executor wisely. It is strongly advised to appoint someone you trust, who is capable, and ideally younger than you. It is also a good idea to provide a backup Executor in case the person who was your first preference for this role is no longer available to perform his/her duties as per your Will.