In the Weekend Argus’ PERSONAL FINANCE of July 23, 2011 is an excellent article by Bruce Cameron on the importance of appointing a good executor (The grave nature of choosing an executor). I recommend everyone reads it and revisits their will, thinking very carefully about who to appoint as the executor of your will.
Our advice is to appoint a trusted family member who, if they feel they can’t tackle the job, can always then appoint a lawyer or agent to assist them in the administration of the deceased estate. This way the fees can be negotiated at that stage, although of course it is advisable to negotiate the fees with the appointed executor when drawing up the will. The only case this doesn’t apply is if there is only 1 heir and the heir is also the executor, as there will be only one person to benefit.
We will all die one day, so it really is wise to make sure your will is drawn up correctly and easy to follow and that your heirs won’t have to pay an arm and a leg to an unscrupulous institution or person to administer it. DO IT NOW!
