Choosing the right executor for your estate
<p>The person you nominate as executor in your will can have huge ramifications regarding how your estate is broken up. Being an executor can be difficult, stressful and time consuming, so it’s essential that you choose the right person for the job.</p>
<p>Here’s a simple guide choosing the right executor for your estate:</p>
<p><strong>Who can do it?</strong></p>
<p>In a broad sense, anyone with a mental capacity over the age of 18 can be appointed as an executor. It’s important to note however that while children can be appointed executors, they are unable to act on behalf of the estate before the age of 18.</p>
<p><strong>Who is most commonly chosen?</strong></p>
<p>When it comes to choosing executors, most of the time close family members are chosen. This could be a wife, husband, partner or even children. A friend of family may also be chosen and in many case a professional adviser (usually a solicitor or accountant) or a specialist trustee company is chosen to help deal with complicated, intensive estates. It’s preferable to have more than one executors, or a backup just in case something happens and they are unable to act.</p>
<p><strong>What should I base my decision on?</strong></p>
<p>Choosing the right executor for your estate is one of the most important decisions you’ll ever make, so it’s important you make the right one. Before you make your ultimate decision, it’s important that you ask yourself the following questions:</p>
<ul>
<li>How complex are my financial and family affairs?</li>
<li>Are they too complex for someone without a financial background to navigate?</li>
<li>What skills to the potential candidates possession, and how likely will they be able to deal with disputes over the estate?</li>
<li>Are there any conflicts of interest at play, and will this affect the management of the estate?</li>
</ul>
<p>Have you nominated an executor yet? Let us know in the comments below.</p>
<p><strong>Related links:</strong></p>
<p><a href="http://www.oversixty.co.nz/finance/legal/2016/08/tips-to-discuss-sensitive-money-matters-with-family/"><span style="text-decoration: underline;"><em><strong>Tips to discuss sensitive money matters with family</strong></em></span></a></p>
<p><a href="http://www.oversixty.co.nz/finance/legal/2016/08/6-tips-to-survive-divorce-after-60/"><span style="text-decoration: underline;"><em><strong>6 tips to survive divorce after 60</strong></em></span></a></p>
<p><a href="http://www.oversixty.co.nz/finance/legal/2016/07/finding-a-legal-resolution-through-mediation/"><span style="text-decoration: underline;"><em><strong>Finding a legal resolution through mediation</strong></em></span></a></p>
