Your executor is the person you nominate in your Will to administer your estate and carry out your wishes upon your death. The duties of an executor include the following:
Your executor does not need any special qualifications, but you should choose someone reliable. Your executor is not bound to act for you so it is wise to talk the matter over with them first.
If your chosen executor requires professional assistance, he or she can engage a lawyer or other professionals when the time comes.
The choice of executor is entirely up to you but the following points may help you decide:
You can appoint a professional executor such as the Public Trustee, a trustee company or a firm of solicitors such as Birman & Ride.
Sometimes there are advantages to having a professional executor:
If you would like to have a professional executor we can act on your behalf and administer your estate in an independent and professional manner. You may appoint us to act as your executor jointly with trusted family friends or relatives.
Trustee companies, including banks, offer Wills appointing themselves as your executor. When you die they administer your estate and deduct a fee which, in many cases, is calculated as a percentage of your estate.
The Public Trustee offers a substantial discount on the fee for preparing your Will if you appoint him as your executor. When you die he charges for estate administration on a fee for service basis.