5 Tips to Set your Executor up for Success

Alright so you’ve chosen your executor, great! Now what? Hopefully you and your executor have familiarised yourselves with the tasks they will need to carry out, if not check out our blog post The Role of an Executor and How to Choose One.

When the time comes, your executor will have quite the workload however there are a few things you can do the make it a little easier on them. In this post we’ll provide 5 tips to help set your executor up for success.

Why is it important to support your executor?

If your chosen executor is someone near and dear to your heart, chances are they will need a little time to recoup and perhaps grieve your loss, however the process that follows may make this a little difficult. Just think about how challenging it is to complete everyday tasks when you are stressed or your mind is elsewhere. Your executor will need to continue their day-to-day while also administering your estate, so anything that you can do to make things easier for them will be much appreciated! Let’s explore 5 things you can do to support them. 

1.  Discuss your wishes

Conversations around your passing and your finances may feel a bit confronting and uncomfortable however not having them could lead to problems after you’re gone. These could be problems like family or beneficiaries arguing over assets or disagreements about burial and funeral wishes. While you may be thinking “no, my family wouldn’t do that” it’s more common than you might think. In fact in a 2018 Australian article it stated that more than 50 per cent of Wills are being contested in courts, typically by family members fighting over how parent’s estates should be divided between siblings. Disputes can go unresolved for a very long time dragging out the process and creating tension between those left behind.

The best way to avoid unanswered questions and disputes is to ensure your wishes and reasons for them are known. This can be a sensitive topic so you may want to discuss it privately with your partner, parents or other immediate family members. This will help get everyone on board and reduce the chance of a he said, she said situation.

2.  Notify your family and executor of your Wills existence

This seems quite simple however many people don’t do it. In a 2018 New Zealand Wills survey, 30 per cent of Kiwis said they didn’t know if their parents had Wills and of the remaining 70 per cent who did, 39 per cent didn’t know where these Wills were stored. After you’re gone, the first thing your executor will need to do is obtain probate. To put it simply, probate is the process of proving your identity, validating that the Will presented is the last legally valid Will and that it’s been signed and witnessed correctly. Whether you have just the one Will or you’ve updated it multiple times, only the last legally signed and witnessed Will is valid, so you’ll want to make sure your executor and your family know of its existence and location. With a Footprint package, you can notify however many people you want through the Will notification feature. It’s just a matter of entering their email address and we send them a notification that your Will is with us. The next step is storing it.

3.  Store your Will safely

Now that your family and executor know of your Wills existence, you’ll need to make sure that they will be able to find it. If you make your Will with a lawyer or trustee company they may offer to store the original copy for you, otherwise you could store it yourself and simply let someone close to you know where you’ve put it. A lawyer or trustee company may also have access to the NZ Will registry where they can log your Will’s existence and location. When you create a Will online with Footprint, we offer to store it for free in an offsite flood and earthquake-proof location so that it’s safely tucked away until it’s needed. We also automatically add your Will to the NZ Will registry where we specify where your Will is located.

It’s also a good idea to keep a digital copy. While it is not technically legally valid and shouldn’t be used to obtain probate, it is a good way for your executor and family members to access your wishes immediately while they locate the original. This could be particularly handy for the funeral arrangements as they typically happen quite soon after passing.  With a Footprint package you get access to a secure digital vault where you can store a copy of your Will along with other documents that your executor can access upon your passing.

4.  Provide supporting documents

If we quickly examine the tasks of an executor, you’ll see that they need to do things such as close your bank accounts, transfer ownership of joint assets, cancel any credit cards or subscriptions, claim insurance and the list goes on. In order for them to do that they need to know where you bank, who your KiwiSaver and investments are with, what subscriptions you hold etc. If your chosen executor is your partner, chances are they are familiar with most of these things however anyone else may need to go on a little hunt. Storing documents like your KiwiSaver papers, insurance policies and bank statements could be really beneficial for your executor. With a Footprint digital vault, you get 1GB of secure online storage where you can keep these documents all in one place. You can also add the contact details of your guardians if you have pets or children under 18, and even images and locations of the gifts you are planning on leaving behind. Another thing you could do is upload a letter which explains the reasoning behind your wishes, for example explaining why some people may have been left out of the Will or why someone is getting more than the other. While this isn’t legally binding, it could support your Will should any problems arise.

5.  Offer your executor professional support

When your executor takes on the role they become financially liable and have a responsibility to carry out your wishes as outlined in your Will. This means regardless of whether or not they are a professional, if they make a mistake that negatively impacts the beneficiaries they could have to dig into their own pocket to rectify the issue. In fact, 95 per cent of friends and family that are selected to be the executor of a Will end up seeking support from a professional, which is yet again another item added to their long this of things to do. At Footprint, when you appoint a personal executor you have the option to provide them with executor support from our third party trustee company. This gives them someone to reach out to at any time during the process for support should they need it. It’s completely optional and there is absolutely no cost if services are not used.

Estate planning and writing a Will is all about protecting your stuff, and more importantly those you love and care about most. While you may not be around to see the effect, you will have peace of mind knowing your affairs are in order and your executor has everything they need to administer your estate.

Get your Will Sorted Today

A goal without a plan is just a wish, and much like a Will in order for them to come true you must create a plan! If you want a say in who gets what of your stuff and protect those you care about create your online Will today.