Important Things to Consider When Selecting an Executor of Will

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Your executor of Will is the one officially accountable to implement the provisions of your Will, pay off your debts and administer your estate throughout the probate process. Hence, it is important to choose the best person for the job. Here are a couple of things to take into consideration when selecting your executor of Will.

Some people think of having a family member as their executor. Others choose a good friend friend to handle the matters of their estate. When choosing an executor of your Will, you should see to it that your selected executor is in good health condition and is still likely to be around after you pass away. The person you should choose is also required by law to be 18 years old or older, mentally competent, and has no criminal record. Your executor should also be somebody who is not your business associate or has no hidden interest on your business assets.

To make sure that your minor children are well taken care of after your death, naming a guardian should be included to your will. You can choose a family member, your spouse, or even a trusted friend as your guardian. If you leave part of your possessions to your minor children, your chosen guardian will be the one to manage those funds. He/she is responsible to adhere to the guidelines on how to appropriately spend and invest your children's funds until they reach maturity. The chosen guardian is required by law to submit to the court a detailed accounting of assets annually.

There are cases when the main executor suddenly feels that he/she is not competent to perform his duties, gets sick or even dies before the decedent does. Therefore, it is essential to name an alternate executor. Should the primary executor fail to fulfill his duties for whatever reason, the alternate executor will automatically take his place.

There are some reasons why some people opt for a professional executor rather than choosing their spouse or relative. This is because your family, especially your spouse may be still stressed and affected due to your loss. As an executor, he/she will still be personally accountable for overdue taxes and fines no matter the grief or stress he/she is going through. If you don't wish to bother anyone in your family on the matters of your estate, consider hiring professional estate administration services.

If you are trying to find assistance on deceased estate administration in Perth, WA, simply head over to http://estateadmin.com.au/.