No — if you are the nominated executor but you do not wish to be an executor, you can renounce the appointment. You should ideally do so before you start administering the estate.
Executors are usually only paid if this is specified 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.
There are some important steps involved in the administration of an estate. A simple overview of the process is:
The role of executor can be an onerous task.
There are many necessary functions required to administer an estate.
Below are some instances where you may consider appointing a professional, independent executor:
The appointment of an independent trustee company, such as Australian Unity Trustees, will help carry out your wishes in accordance with the will.
Australian Unity Trustees can also administer the deceased estate when there is no will or help the family with specific tasks, such as carrying out the legal work required by the Court.