Article of Interest on Wills & Estates

CHOOSING THE RIGHT EXECUTOR

Sometimes a Will that looks very simple can present complex problems for beneficiaries. Appointing the wrong Executor can be such a problem.

Andrew had worked in retail all his life and had admired, from a distance, Mr. Manager who worked in an opposing store. He regarded him as honest, trustworthy and forthright. Without speaking to him Andrew appointed him as his Executor.

Andrew died. The children found the Will which appointed Mr. Manager as Executor. The estate was of modest value ($30,000 in a bank account). The children were the sole beneficiaries. Neither of the children knew Mr. Manager. They found he had moved on years beforehand and no-one seemed to know where he was. The children then sought the advice of a Lawyer.

After making extensive enquiries Mr. Manager was found residing interstate. Mr. Manager barely remembered Andrew, and not know the children at all. He did not want the job as Executor.

The rules of the bank allowed that institution to release the money to the Executor without probate. The bank refuses to release the money to anyone other than the Executor without a formal approval by the Court of the Will before the release of funds to anyone else.

This situation was able to be resolved but the $30,000.00 estate had been depleted by the costs of finding the Executor; negotiating with him, and resolving the issues flowing from the Executor’s renunciation of his role.

Appointing the wrong Executor can result in unnecessary hardship and cost for those you wish to benefit. Appoint an Executor who knows you; knows your affairs, and knows your family. Most importantly, appoint an Executor who is willing to act and implement your wishes.

More Articles of Interest on Wills and Estates.