Your choice of executor is an important decision when undertaking estate planning, however it is often a decision that is made once and never revisited.
Over time, circumstances change. The person you appointed years ago may no longer be the best fit due to relocation, health, financial complexity or changes in your relationships. That’s why regularly reviewing your choice of executor is essential to keeping your estate plan effective and aligned with your wishes.
Your executor is responsible for carrying out the directions and wishes you set out in your Will, including arranging your funeral and burial, managing your assets, paying your debts and distributing inheritances to your beneficiaries. Your executor may also have ongoing responsibilities, particularly if you’ve created trusts for children, vulnerable beneficiaries or long-term asset protection.
When reviewing your choice of executor, consider whether your chosen individuals:
- Are still willing and able to act
- Have the time and organisational skills required
- Are financially responsible and impartial
- Understand your current family and financial situation
- Are able to cooperate with each other (if you appoint more than one executor)
If it’s been a few years since you last reviewed your Will, now is a good time to check whether your executor appointments still reflect your intentions.
Book a free chat with us today to discuss how we can help you to get an estate plan in place that will give you peace of mind and ensure your loved ones are taken care of.
We are experienced Wills and Estate Planning lawyers based in Prospect and work with families across Adelaide to help you put in place an Estate Plan that reflects your values and gives you confidence about the future.