When preparing Wills for parents of adult children, one question that often arises is whether it is appropriate to consider appointing those adult children as executors, especially in cases where those children are also going to be beneficiaries.
Although the roles of executor and beneficiary are quite distinct, it is usually appropriate for adult children to be appointed as executors if they are beneficiaries for the sake of convenience and for the practical and efficient administration of the estate.
Although it is usually appropriate to appoint beneficiaries as executors in these cases, difficulties can arise where only some of the beneficiaries are appointed as executors. In those cases, tensions can arise during the administration of the estate.
In cases where you are considering nominating adult children as beneficiaries, it is not only wise to carefully consider your own family dynamic but, importantly, to also think carefully about the best choice of executors and how likely they will be to “do the right thing”. While it is not possible to make perfect choices in these cases it is, at least, important to think carefully about the potential consequences of these choices which can occasionally become complex.
While adult beneficiary children often have a vested interest in finalising an estate promptly – and usually are a good candidate to become executors for that reason – there are good reasons to think carefully about this important appointment so that your wishes are properly respected when the time comes.
For more information or to discuss, please phone Kennedy Spanner Lawyers on (07) 4639 2944.