Executor of Will: An executor is a person appointed by another person (in their will) to administer their estate when they die. An executor’s role involves making sure the deceased’s debts are paid and their assets and possessions are distributed according to their wishes.

Caution on who you appoint as executor

Administering an estate is rarely straightforward or easy. There are many tasks to perform, including looking after investments and taxation, as well as finding and proving all potential
beneficiaries. It can therefore be a time-consuming exercise. It can also be emotionally draining when there are family disputes, legal claims on the estate, or overly-demanding beneficiaries.

Importantly, if you make a mistake in administering the estate, you can be held liable for the financial loss.

So while being appointed as someone’s executor can be an honor for that person, it may be they do not have the time, expertise, or inclination to perform the duties of an executor. For this reason, many people appoint a fiduciary company to act as their executor, or they suggest to their executor that they ask a fiduciary company to assist them in their executorial duties.

Are executors paid for their time?

Executors are usually only paid if this is in the will. Executors have the right to apply to the Supreme Court for payment, however, the court generally does not award payment if the executor is also a
beneficiary under the will.