The job of an executor is to make sure your estate is dealt with in accordance with your wishes. It’s an onerous responsibility – one that can have a huge impact financially and on the state of harmony among those you leave behind. Many people appoint an executor (or accept an invitation to become one themselves) without fully comprehending what’s involved.When the time comes to fulfil your role, there will be legal documents to gather and deal with, and there are likely to be tax, superannuation, insurance or investment issues too. Correctly comprehending what needs to be done as well as actioning these tasks in a timely and complete manner, is quite frankly, beyond the capability of the average person.It’s also worth noting that if there are grounds to show an executor failed to appropriately act in the interests of the beneficiaries, or unduly prolonged completion of administration of the estate, they can be sued by the beneficiaries. And no one wants that.Our recommendation is that executors always seek expert advice at the start of the process, ideally via the deceased person’s estate planning specialist, financial adviser and/or accountant. These professionals are likely to be sufficiently familiar with the intentions of the deceased person, the legal and financial framework that needs to be dealt with, and the most effective means of satisfying the requirements of the estate that maximises the benefit to beneficiaries.How an inexperienced executor can get things wrongThe following is a real-life story of an estate planning scenario that yielded an unintended outcome…A Sydney-based man had three daughters, and he wanted a son-in-law to be executor. Arrangements for a testamentary trust were put in place to help preserve the value of the assets as much as possible, the main one being the family home.After the man died, the son-in-law contacted a mate who was a lawyer (but not an estate planning lawyer) to assist with the process. In line with the wishes expressed in the will, ownership of the house was to pass to two of the daughters, with the remaining daughter receiving a cash payment.Unfortunately the executor and his lawyer friend did not understand how a testamentary trust worked. They arranged the transaction in a manner that triggered a $60,000 stamp duty bill – a payment that would have been avoided had they known what they were doing. (One of the purposes of the testamentary trust was to avoid this bill altogether.) With the deceased man having gone to the trouble of establishing correct estate planning arrangements, it was a tremendous (and costly) pity that the value of the estate was eroded, effectively through ignorance.As your executor is responsible for distributing your assets as you wish, it’s essential to choose well.A key ingredient in ensuring a successful outcome in estate planning is in choosing the right person to be your estate’s executor. They should be informed about the responsibilities this role entails, and have a firm understanding of the importance of seeking EXPERT advice when the time comes for them to perform their role.At 5 Financial, we believe it’s vital for each client to consult with an expert in estate planning in order to yield the optimal outcome for beneficiaries. An estate planning specialist will also be able to offer guidance in the choice of executor.Even if our clients have a longstanding relationship with a family lawyer, we recommend they consult with an estate planning specialist who will review their will, power of attorney, enduring guardian documents and more.In truth, it’s a highly complex area and it’s crucial to get it right. Otherwise you risk the value of your hard-earned estate being substantially diminished by unnecessary costs (taxes being a prime example), vulnerable to claims you hadn’t anticipated, or even causing relationship unrest among those who feel poorly done by. At 5 Financial, our goal is to help our clients make the most of their financial resources – something that will matter after you’re gone too.Our experience shows us that a specialist in estate planning understands and is in sync with the frequently-sophisticated arrangements we help our clients put in place. What you spend years assembling has a much better chance of delivering the outcome you wish for, with sound estate planning and an informed executor who understands how critical it is to seek expert advice.If you would like to know more about this important area, please contact us.