Why you should have a third party executor
Are you thinking about who to appoint as an executor under your will? It is common for many to appoint a family member as their executor under their will. However, another option which is often overlooked is to appoint a third party as an executor.
Third parties that you might consider appointing include a lawyer, the NSW Trustee and Guardian or a private trustee company.
There are a number of reasons why you may wish to appoint a third party executor under your will.
Some of them may include:
- Your personal affairs may be complex. Family members may lack the necessary experience or time to manage your affairs when you die
- You may not have a family member who has the ability to be an executor due to physical or mental incapacity etc.
- You may anticipate disputes in relation to choosing a particular side of the family over another as executor, which you could overcome by appointing a third party executor.
- You may wish to appoint someone who is an impartial and objective executor to administer your estate with the requisite qualifications
- You may anticipate the possibility that there might be disputes in relation to your will. You may anticipate that a family member will make a claim against your estate for greater provision.
Michael Quinn acts as Executor and Trustee for many wills as he holds both legal and accounting qualifications which are invaluable for covering all aspects (legal, tax and accounting) of managing a Deceased Estate.
If you require any further information or assistance in regards to choosing an executor under your will, contact our team of lawyers on (02) 9223 9166 or submit an online enquiry.