Being an Executor can be a difficult and challenging exercise. It is generally best given to professionals with the expertise and skills to ensure that your Estate is managed as efficiently and effectively as possible.

There are many reasons why it is a good idea to appoint a professional such asTasmanian Perpetual Trustees as an Executor.

For example, consider the following:

Complexity of the law

The law relating to Executors and the Administration of Estates is complicated. An ordinary person who is appointed as Executor is generally unfamiliar with the law and its intricacies. Appointing a friend or family member as Executor could place a heavy responsibility on that person and the Estate could suffer through inexperience. Usually, inexperienced Executors will generally need to be guided by and rely on a lawyer and accountant, all of whom charge professional fees.

Availability

A friend or family member may not be available when the time comes. They may die before you, may fall ill or die during the Executorship or may have moved out of the State or country or is otherwise unable to act. Tasmanian Perpetual Trustees does not grow old, become ill, or die, or move away. It is always available.

Conflict

Conflicts sometimes occur between beneficiaries. An individual, private Executor may be swayed by pressure or preferences. Tasmanian Perpetual Trustees remains impartial and treats all beneficiaries with equal consideration.

These are a few examples which show why you should choose your Executor wisely. To ensure personalised attention to the interests of all beneficiaries combined with speed, safety and certainty in trust administration, appointing Tasmanian Perpetual Trustees is a wise choice. The specialist staff at Tasmanian Perpetual Trustees are trained and experienced in trustee work.

It can also be the case that family members or friends acting as Executors can be quite costly. It is not always correct to assume that it is more economical to appoint a relative or friend as Executor. Private individuals often make the most expensive Executors.

The volume of work required is large, even in the case of a small Estate, and is often beyond the unassisted capacity of an inexperienced Executor. The law relating to Estates and taxation is complex and the inexperienced Executor may often sacrifice money unnecessarily due to lack of knowledge or sheer inability to cope with the amount of work.

It is also worthwhile to consider the cost for legal, accounting and taxation advice to bring a private Executor 'up to speed'.

Furthermore, when you appoint Tasmanian Perpetual Trustees as your Executor you have peace of mind from knowing that its operations are strictly controlled by law to ensure the safety of the Estate and the interests of beneficiaries. Tasmanian Perpetual Trustees was established in 1887 to be an impartial and professional Executor and Trustee for Tasmanians and over 100 years later this remains a core part of its expertise and reputation. Tasmanian Perpetual Trustees has faithfully administered many thousands of Estates entrusted to its care and by appointing them as your Executor you are assured of security and continuity of service.

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