Published on 01 May 13
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Clients often ask trusted advisers to act as executors of their wills. Acceptance of the role of executor by an independent professional comes with significant burdens and risks. While the executor’s role is to administer the deceased’s wishes, pay debts, and distribute the assets to the beneficiaries, there is significant capacity for executors to affect the position of the beneficiaries, and vice versa, for a long time. The purpose of this article is to explain the duties and responsibilities of executorship.
The article discusses in detail the executor’s obligations to the deceased, to the beneficiaries and to creditors. Difficulties which an executor may encounter are considered. The author concludes that professionals may wish to explain to their clients that their value to the clients is in acting as advisers and that they could better serve the clients by partnering with third parties as executors.
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