An executor of a will is someone who you are literally trusting the sum of your life with. This is a person who can make all your legal decisions for you once you pass away. Typically, this includes paying creditors, selling properties belonging to you, reviewing your medical records, bringing lawsuits, and distributing your assets. It is extremely important for anyone looking for an executor of will in NSW to think thoroughly before deciding. The following points can be extremely helpful in finding the right person.
Look for Someone Responsible
Given the sensitive and serious nature of the job at hand, you need to find yourself an executor of will in NSW who is responsible enough to perform that job. Look for people who have shown the ability to take on any responsibility that they have been given and have the eloquence necessary to do it professionally. While finding someone from your friends or family is ideal, there is still a big chance, but you would have to look elsewhere. Typically, people opt for their attorneys, accountants, or trust funds to execute their will. It may cost more but if you have large enough assets, this route would be much more suitable for you.
Find Someone with Good Credit History
Given that the majority of will execution deals with the distribution of assets and payments, you need to give this job to an executor of will in NSW who has good financial standing. Courts often require “bonding” as insurance against the executor, i.e., if they run away with the money then the court can pay the beneficiaries according to the will. Someone with a bad or no credit history may not get bonded, so choosing them could lead to complications. This would take away the choice of executor from you, which could be a problem for many people.
Always Keep a Succeeding Executor
Many people write their wills decades before they die. This can have legal consequences since a will does not expire and you could end up probating your assets according to something you wrote three or four decades ago. Things can change a lot during that time and one possibility is your appointed executor passing away before you. Naming someone to succeed them is usually a good idea and this should be young enough to outlive both of you. To name a successor to your executor of will in NSW you can either name someone explicitly or create a mechanism that keeps on appointing new successors if needed.
Remote Executors Are Acceptable
Execution of wills does not require much physical presence, and your executor can do their job without even being close to you geographically. That means you can consider someone who lives far away from you but would make a great executor of will in NSW for your case. Many things come up during the process that requires physical execution but most of them can be done by hiring help. For example, the furniture in your home may need moving but that could be done by hiring a moving company and paying someone reliable to supervise the move.
When hiring an executor of will in NSW, try to look for people with zero emotional attachment to the case. They can do things rationally and make sure your will is executed without harming any parties in the process. It is a job that requires a lot of patience and emotional intelligence, and you need someone who is clear-headed to do this job properly. There is always the option of hiring a professional but only opt for that after you have looked thoroughly in your social circles as those guys charge serious money.