Being an Executor of a Will is an important responsibility for a variety of reasons, which we will go into, so choosing the right person for this role cannot be stressed enough. They are legally responsible for handling your estate after you pass away, and that includes; your personal belongings, finances, property and social media. If the person you choose is unable or unwilling to fulfil the role of executor, a court may appoint an administrator in their place. And whilst this allows for your will to be exacted, it may not be the way or to the standard you wanted. That decision deserves to be protected, so here is some advice we have for choosing the right executor.
The most commonly appointed executors are spouses, civil partners and children.
Anyone over the age of eighteen can be an executor, and there’s no rule that a beneficiary cannot also be your executor. For those with typical families, it’s more common for the partner to be given the responsibility of executor. However, if you do not have any living family or relatives that you trust, you can choose someone else. The important thing to remember is that your executor cannot be the official witness to your Will, but will be privy to all the information before or upon your death. You wouldn’t trust a stranger with this information unless it was a professional, so don’t leave it to chance when making your choice.
Some of our clients appoint an executor with professional or specialist knowledge, as the executor can be personally, and financially, liable for any mistakes made. When you appoint a solicitor as an executor, this risk decreases, though they will charge a fee which may take the form of a fixed fee, hourly rate or a percentage of the estate. If you’d like to know how Canterbury Estate Planning provides this service, contact us here.
You can have multiple executors, so that the responsibility is shared.
The legal limit is four executors, and there are benefits to having multiple executors. Firstly, the responsibility is shared; if your funeral arrangements are clear from your Will, then this process can be more efficiently organised with multiple people able to follow up on your requests. Secondly, if one of your executors passes away before you do or chooses not to be an executor, your Will would still be valid without the need for amendment as the other executors will be able to step up in their place. But you should choose people who are aware and able to communicate with one another. If decisions regarding your Will have to be discussed without you around to help, you want to know your interests are protected by those who can work together professionally on this personal matter.
The hardest part of being an executor can be the finances.
Executors are responsible for complex financial transactions, such as paying bills owed by the estate, establishing inheritance tax and paying it, valuing and distributing the estate and making any required court appearances. They will also be responsible for registering the death, informing relatives and making practical arrangements. These considerations are the most important when considering who your executor will be. You want someone you can trust, who can be pragmatic, empathetic, understanding, and decisive. Failure to meet these demands could impact your estate and those benefiting from it.
If you’re ready to put your Will together, or you’re not sure who to choose as your executor, call us today and we’ll provide the advice you need.