There are two very important decisions to be made when considering your Will.

1. Obviously how you wish to distribute the assets you have taken a lifetime to work for and;
2. Not so obviously WHO you will nominate to ensure these wishes are carried out. This person is commonly referred to as an “Executor”.

Whilst most people have given some thought to the first of these decisions, very few people have given serious thought
to the second.

It is important to acknowledge the great responsibility that being the Executor of a Will bears. It is often assumed that a spouse, family member or trusted friend will be the best person to appoint, as some believe that bestowing this role is of great honour to the person chosen.

We have included in this article a detailed description of the possible duties of the Executor. We hope that this is helpful to you in deciding who you will choose to carry out the decisions you make in your Will.

Duties of the Executor* - tips for our donors

1. Locate the Will;
2. Attend to any funeral arrangements;
3. Inform and make necessary arrangements with
   banks, insurance and superannuation companies, utility companies and other organisations as to the death of the deceased;
4. Obtain a death certificate proving the death of the deceased;
5. Ascertain, value and obtain control over, and otherwise protect, the assets of the deceased;
6. Identify liabilities of the deceased;
7. Identify and locate beneficiaries and their entitlements;
8. Instruct solicitors to obtain the necessary Grants of Probate or Letters of Administration;
9. Publish appropriate public notices to potential creditors of the estate;
10. Settle any debts or disputes of the deceased;
11. Determine the deceased’s final income tax liabilities and submit returns on their behalf;
12. Oversee the investment of the assets in the estate;
13. Deal with claims brought against the estate and challenges to the Will, including defending legal proceedings where necessary;
14. Keep records and account for the administration of the estate;
15. Ensure that any property held is kept in good repair, insured and covered for rates and taxes;
16. Act impartially and in the interest of all the beneficiaries;
17. Distribute the assets to the beneficiaries (through sale or transfer) and attend to the creation of and the transfer of assets to any testamentary trusts;
18. Assume the duties of trustee where the Will providesfor continuing trusts or where assets are to be held for underage beneficiaries.
    *Provided by Equity Trustees

Sadly, we farewelled Mr Ian Wallace McNair who passed away on 31st October 2007. Mr McNair was a committed long time supporter of Barnardos who contributed not just financially but also put a lot of time and energy into Barnardos market research. His steadfast enthusiasm to improve the community at large was greatly admired and he will be truly missed.

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