Who Wants to Be an Executor?

You’ve been named as an executor in someone’s Will. Cue the lights, music, and suspense.

.....Who wants to be an executor ....

It might sound like an honour — and it is. Being trusted to carry out someone’s final wishes shows real respect. But, much like the TV game show, the further you go, the harder it gets.

And unlike the game show, there’s no “ask the audience” moment when things get tricky — though sound legal advice comes close.

What Does an Executor Actually Do?

At its simplest, an executor is the person (or people) responsible for managing everything a person leaves behind when they die.

That includes:

• Finding and proving the Will (obtaining probate if needed)

• Collecting and protecting the deceased’s assets

• Paying any debts or taxes owed

• Distributing what remains to the beneficiaries named in the Will

• Keeping full records of every decision, receipt, and payment

It sounds straightforward — but few estates ever run completely to plan.

The Role Is More Than Just “Signing the Forms”

Most people imagine being an executor as a matter of signing a few documents and handing out inheritances. In reality, it’s closer to running a short-term business on behalf of someone who’s died — with reporting duties, deadlines, and accountability under the Trusts Act 2019.

Executors effectively step into the shoes of the deceased. From the moment of death, they are the legal owners of all estate assets (until distribution). They’re also personally responsible for the proper management of those assets and for acting in the best interests of all beneficiaries.

That means understanding:

• The terms of the Will — what it allows, what it directs, and what it leaves open to interpretation

• The estate’s financial position — which may include mortgages, loans, investments, or family trust connections

• The legal timeframes — especially for notification of beneficiaries, debt repayment, and interim distributions

Each of those tasks involves judgment calls that can be challenged or second-guessed later.

The Trusts Act 2019 — A Game-Changer for Executors

The Trusts Act 2019 didn’t just modernise trust law — it clarified the way executors and trustees are expected to operate. Executors are a type of trustees of the estate.

That brings with it a long list of mandatory and default duties, including:

• Acting honestly and in good faith

• Exercising powers for a proper purpose

• Avoiding conflicts of interest

• Keeping and retaining core documents

• Giving basic information to every beneficiary who is entitled to ask for it

For estates where the Will is silent, these duties can be wide-ranging and sometimes cause issues — particularly around self-benefitting, the ability to be remunerated for time spent administering an estate or removing the need to diversify the assets held.

But here’s where that “lifeline” comes in: a well-drafted Will can modify the default duties, making administration more manageable and protecting the executor from unnecessary exposure. A Will that anticipates modern compliance obligations is no longer a luxury — it’s a necessity.

The Digital Challenge — Finding Everything

Once upon a time, executors could open a filing cabinet and find what they needed (or wait for mail to arrive to identify unknown assets, memberships or accounts. Those days are largely gone.

With most records now stored or sent electronically — across bank portals, share registries, MyIR, and cloud storage — even locating all assets and liabilities  can be a logistical challenge.

A practical tip for anyone drafting or updating a Will: make a secure list of your key digital and financial accounts. Tools such as myTrove can help executors locate and manage online records quickly, reducing the risk that assets (or debts) are overlooked.

The Personal Liability Trap

The biggest surprise for many executors is that the role carries personal liability.

If an executor distributes assets too soon, misses a debt, or breaches a legal duty, they can be held personally responsible. That includes paying back estate funds or taxes owed to the IRD out of their own pocket.

Examples include:

• Paying beneficiaries before confirming that all taxes or debts are cleared

• Selling an estate property below market value

• Failing to follow the exact directions of the Will

• Not keeping proper financial records

Even honest mistakes can be expensive. Courts have held executors liable where they acted without full understanding of their responsibilities.

The law assumes you either know what you’re doing — or you’ll get advice before acting.

“But I’m Just a Family Friend…”

It’s common for people to name a close friend or long-time adviser as their executor because they trust them. That trust is a compliment — but it can also be a burden.

Friends often underestimate what’s involved until they’re deep in paperwork, property issues, and family dynamics. Even with a solicitor or accountant helping, the executor remains legally responsible for the final decisions.

If you’re asked to be an executor, it’s worth pausing before you say yes. Ask questions:

• Where are the assets held, and how complex is the estate?

• Are there family trusts, overseas assets, or business interests involved?

• Are there likely to be disagreements among beneficiaries?

• Who else will be acting alongside you?

Sometimes it’s appropriate to suggest a professional executor — such as a lawyer or trustee company — either instead of you, or to act jointly with you.

Acting Promptly — But Not Hastily

Executors are allowed what’s known as “the executor’s year.” This is a long-standing principle giving executors up to twelve months from the date of death to complete the estate administration — provided they act reasonably and without delay.

That doesn’t mean nothing happens during that time. Executors are expected to move things forward, but also to respect the rule that no distribution should generally be made until at least six months have passed after the grant of probate.

This waiting period allows time for any claims or challenges to be raised. Distributing too early can expose an executor to personal risk if later claims arise.

Balancing promptness with caution is part of the job — and often where professional guidance is most valuable.

When to Seek Advice

Executors can, and often should, seek professional help. That includes legal advice on:

• Applying for probate or letters of administration

• Handling property transfers and sales

• Dealing with debts and taxes

• Managing distributions and accounting to beneficiaries

• Navigating disputes

The cost of proper advice is paid from the estate, not from the executor’s own funds (unless they act outside their authority).

Good advice at the start often prevents expensive problems later.

Final Thoughts — It’s Not a Game Show After All

Being an executor can be rewarding, but it’s not for the faint-hearted. You’re dealing with people, money, property, and emotions — often all at once.

Unlike on television, there’s no prize money or confetti at the end. Just the quiet satisfaction of seeing a person’s final wishes properly carried out.

If you’re drafting your own Will, think carefully about who you appoint. Choose someone with the time, judgment, and resilience to handle the role — or appoint a professional who understands the practical and legal implications.

And if you’ve already been named as an executor, take the time to understand what the job involves before you step into it. The law doesn’t expect perfection, but it does expect diligence, transparency, and care.