Choosing an Executor

An executor is the person(s) responsible for carrying out the instructions in your will when you die. It is an important role and therefore the choice is one you should give great thought to.

General Guidance

-          You need a minimum of one executor (two in some circumstances) but can have up to four. You can also appoint reserve executors to step in if one of your executors is unable to act.

-          They must be over 18 years of age.

-          As there are no rules stating an executor cannot be a beneficiary, you can appoint spouses, adult children and other family members.

-          If your will creates a trust, your executors can be (and often are) your trustees.

-          As it can be an onerous role, you should consider whether your executors are capable and accessible. For example, it may not be appropriate to appoint an executor who lives abroad.

-          Will they be able and available? It may not be wise to ask an eighty-year-old relative to be act.

Things to Consider

There is much more to the role of an executor than simply dividing your estate according to your will. Here are just a few of the tasks they will need to complete:

-          Locate the will

-          Secure and insure assets owned by the deceased

-          Arrange the funeral (although family often organise this)

-          Assess the value of the estate. Is Inheritance Tax, Capital Gains Tax or Income Tax payable?

-          Apply for the Grant of Probate

-          Pay debts and testamentary expenses

Is your chosen executor(s) capable of handling all the above?

Using a Professional

When appointing spouses and family members as executors, please take into account that they will also be dealing with your death. It may be a good idea to also appoint a professional executor to take away some of the burden. Appointing a professional executor is also recommended where you have a complex estate with several financial and legal issues to overcome.

For more information on the role of an executor please contact us on 01642 968707 or alternatively fill in your details here and we will get back to you.