Choosing an executor for a Will is one of the more important aspects that should be considered in great detail. This is the person who will be entrusted to manage the estate and to distribute the estate to the correct beneficiaries in accordance with the Will. Furthermore, the executors will need to consider various tax consequences that may also arise during the administration of the estate and will need to make sure that the right amount of tax is paid. It is also vital to note, that the administration of the estate can take anywhere from 6 months to a year.
Therefore it is important to decide who will be best suited for this role as it can be a challenging responsibility, even if your instructions and your affairs are quite simple.
So who can be an executor? An executor can be any person over the age of 18 (beneficiaries can also be executors) and it is usually a good idea to appoint at least two people as your executors. This is because if one person is not able to carry on the job or declines to act, then the other executor will be able to ensure that the administration of the estate is being dealt with.
You may choose to appoint family members and/or professionals, such as a solicitor. It is a good idea to have family members as executors as they will be aware of all of your affairs.
Whereas, professional executors tend to charge a fee for the administration of the estate, but it can be helpful to have someone who has experience of dealing with such matters and will have the expertise to deal with complicated tax affairs and/or foreign assets. They can also assist lay executors by providing them with assurance that all matters in relation to the estate are being dealt with.
Furthermore, it is important to remember that family members will be dealing with your death and by naming a third party as your executor it can take the burden of the paperwork off their shoulders. Moreover, this will also remove any emotional stress or strain that a family member may have.
Additionally if there is a discord amongst the family members, it may be best to have an independent professional appointed as your executor as they will not have any biased views whilst dealing with your affairs.
Regardless of whom you decide to appoint as your executor, it is always a good idea to ask them beforehand and if you change your mind, you can always amend your Will. For more information on making a Will, please contact Rohima on 01895 201 700