Appointing an executor or trustee is one of the most critical estate planning decisions you’ll make. Yet, it’s often treated as an afterthought – a box to be ticked. For high-value estates, especially those with operating businesses, property portfolios or cross-border assets, the wrong choice can have disastrous consequences.
“Your executor isn’t just there to read your will,” says Veldhuizen. “They’re effectively your stand-in CEO for the winding up of your affairs. If they’re not competent, everything from payroll to property transfers can grind to a halt.”
Many people choose a family member to act as executor or trustee, thinking it will save costs. But without financial or legal experience, the job can quickly become overwhelming. A practical solution is to appoint a professional to serve alongside the family member as co-executor. This way, you get the personal oversight of someone who knows the family, combined with the expertise needed to manage the estate smoothly.
If your estate includes a business, the stakes are higher still.
- Cashflow crises: What happens if salaries, suppliers or loan repayments can’t be met while the estate is being wound up?
- Decision paralysis: Heirs may disagree on whether to sell, continue or restructure.
- Continuity risk: Key contracts may lapse if no one has the authority to act quickly.
International assets or trusts add another layer of complexity. Executors must navigate different legal systems, tax regimes and reporting requirements. Appointing professionals with cross-border expertise ensures compliance and avoids costly errors.
Choosing the right executor or trustee is not a formality – it’s a strategy. For estates with significant or complex assets, professional oversight can mean the difference between a seamless transition and a prolonged, costly battle.