Choosing an executor is a very important decision. You are appointing someone who will be responsible for carrying out the wishes you set out in your Will.
In simple terms, the person you appoint will carry out all the instructions you have stated in your Will after your death. While it sounds a simple thing just to follow some instructions, it can in reality take a lot of effort and several months before everything is completed.
An executor is responsible for making sure all your assets are distributed among your beneficiaries as per your wishes, without any disputes arising. In a case where someone does dispute the Will and takes legal action, the executor will represent your side, stating what they interpret your wishes to be. Similarly, they can decide when to sell an asset such as property, land or an item from your possessions so that the best possible profit is obtained. They also make sure all the taxes due on your estate such as Inheritance, Income Tax and Capital Gains are paid.
Anyone you can trust completely can be an executor as long as they are of legal age; 18 years or over. Most people usually appoint their spouse as the executor of their Will, but you can choose anyone you like, be it a family member, friend, colleague, acquaintance or even a professional, such as a solicitor.
It is a good idea to appoint someone who is also a beneficiary of your Will, however, as they will have more of an incentive to see the job through to the end and get it done as quickly as possible.
People usually appoint just one executor and list another one as a reserve, in case the main executor should happen to die before they can fulfil their role. In cases where an executor dies and there is no second executor named, the courts will take over the role. You can list up to four people at a time to act as an executor, but not all may agree to taking on the role, something you should bear in mind when considering who to name.
Some people opt for a professional executor such as a solicitor or accountant, which can help when there are chances of family feuds.
There are certain things you need to factor in when deciding who might be the right executor for your estate.
It should be someone you know will perform the job well, and take the responsibility seriously. It should be someone close enough to you that you know you can fully trust them. Other than that, it’s essential to have someone who is competent and confident enough to know how to deal with the legal side of things and manage the paperwork that goes with the role.
As we’ve said, it does not have to be a professional if you don’t want, but a basic understanding of the law surrounding Wills and probate always helps.
If you have someone in the family who you feel is capable of performing the tasks and will do so in good faith, then it’s a good idea to appoint them.
If you are not sure, consider the emotional impact that the role may have on your family member and what they will have to deal with after your death. How do you think they will handle that role? The role could have an additional emotional impact that some family members might not feel able to cope with at a time of grief, and some people may find having to deal with all the legal processes and paperwork, an unwelcome burden.
For this reason, it is very important that you make sure you have a talk with whoever you are considering asking. Speak with them and tell them you would like to name them as your executor. Tell them what the role involves and ask if they would consider taking on such a role on your behalf.
You can hire the services of a professional in cases when you do not have anyone among your family members or friends suitable enough to perform the job, or you feel it will result in arguments amongst people. You may feel that with all the possible legal implications, paperwork and the unfamiliar terminology that people have to wrap their heads around, it is best to ask a professional. Solicitors have the training and experience in dealing with these matters and have valuable insight which helps when making the right choices. They also do not have any stake in your will, so you know any decision they take will be representing your interests, and your interests alone.
We recommend a combination of family and friends with a professional executorship, giving your loved ones the best of both worlds.
Fixed fee £1000 – £2995
(depending on complexity of your estate)
Professionally administered estate
We’ll retire our services should your estate not require a professional executor, without hassle or fee.
Offer hourly rates or fees which are tied to the value of your estate typically between 2 – 4%, which with an estate of £500,000 could be up to £20,000!
Professionally administered estate
Your executors will often have to battle to get them to step aside and pay a fee for doing so.
Of course, it is entirely your choice.
