Many believe they are bestowing an honour on family members or friends by naming them as an Executor. However, the process can be complex, lengthy and emotionally draining; not to mention if the Executor doesn’t act in accordance with the Will-maker’s wishes, they could be held personally liable.
Consider this case study of Peter and Christine where they named only one of their adult children - Emily - as Executor. While dealing with the loss of her parents, her regular work and own family responsibilities, Emily also had to act as Executor, with increasing pressure from her brother to “give me my money”. By the time the estate was completed, the sibling’s relationship had deteriorated.
An alternative to appointing a family member or friend is to appoint an independent trustee company, such as Equity Trustees, as Executor or co-Executor. A trustee company can expertly and impartially co-ordinate all legal, administrative, investment and tax requirements to ensure an estate is distributed efficiently.
Although appointing a family member or friend for no remuneration is one way to contain estate administration costs, seldom do executors complete the administration themselves, drawing on the expertise of solicitors, accountants and other professionals (with associated additional costs).
When you appoint Equity Trustees as your executor, our job is to carry out your wishes, camly, impartially and fully.
Manage legal, administrative, investment and tax requirements
Streamline a complex process
Help keep family harmony during difficult times
Visit eqt.com.au or call 1300 133 472