How much discretion does executor have in deciding who gets what?

[AlexMayer]

My siblings and I are joint executors of my father's estate. We're all reasonably competent and financially savvy so are able to do most of the work ourselves.

The beneficiaries are the 3 of us, plus his partner. As we are both executors and beneficiaries I want to avoid any claim that we are dividing assets in our own interest.

My father has a house, a few hundred thousand in cash, some listed equities (easily sold) and lots of shares in smaller start-ups / unlisted companies. We are thinking to give his partner the cash as part of her share, while we retain an equivalent amount of the illiquid assets. The risk is that some of these illiquid assets could turn out to do very well in future (though of course could also go to zero). If that happens I wouldn't want his partner to think that we cheated her.

Do we have discretion to choose how assets are allocated, and do we have to (or should we) consult beneficiaries first to see what their wishes are?

Thanks for any help. I'm new to this.

[des8]

Mainly you have to do what the testator stated in his will, so the wording of that document is crucial.

However, as long as affected all beneficiaries agree, it should be possible to transfer items of monies worth to beneficiaries in lieu of cash.