When drawing up your Will, one of the first things you will need to decide is who you would like to be your Executor. They should obviously be someone you trust completely but they also need to be someone who is capable of performing the role competently when the time comes.  Alice Vage from our Wills, Trusts and Probate team explores the topic of choosing an Executor.

Choosing the right person as an Executor

Many people are unaware of the amount of tax, legal and administrative work involved in being an Executor, and perhaps more importantly, of the fact that they are also personally financially responsible, if anything goes wrong.  Therefore, it is crucial that you are confident that anyone you choose to be your Executor has both the time and relevant skills to be able to do the job. A non-professionally trained Executor can instruct a firm of solicitors to administer the Estate for them, which is a common outcome.

Speak to the person you have in mind

It is also important to speak to the person you wish to be your Executor, before you name them in your Will, to make sure they are happy to take on the responsibility.

Should I choose family or a professional Executor?

It is a common choice for clients to appoint their spouse, children or grandchildren as their Executors, unless it is thought that their grief/age combined with the responsibilities of the role would be too much for them to cope with when the time comes.  An alternative would be to choose a professional Executor such as a solicitor.  It is possible to choose to have a combination of both professional and non-professional Executors if you wish. One of the problems of just appointing family members is that there may be very real conflicts of interest between them, which can result in deadlock, or unwanted outcomes. Objective neutrality and professionalism can have a very important and protective role in administering Estates.

How many Executors can I have?

You can choose up to four Executors, but it is not required to have more than one. Many people choose to appoint two Executors.  Having more than one can be advantageous as they can share the responsibility, and it means that if an Executor dies or is unable to act, there are others to take on the role. A co-Executor can be helpful too if there are assets which require specific expertise. Having said that, too many Executors can cause confusion and delays and as stated above, can produce deadlock.

Should I appoint my adult children as Executors?

It is not always sensible to appoint all of your children as Executors, even in the belief that you are being fair to them. If they can’t all sit around the table and get on, this conflict could mean that the fair outcome that you desire is not achieved. This is where independent, professional Executors, such as solicitors, can help to produce a quicker and just outcome in the long run.

What does an Executor do?

An Executor is someone named in your Will who you appoint to carry out your wishes after your death. They will need to apply for a Grant of Probate, if it is required, and deal with your assets and liabilities before distributing your Estate amongst the beneficiaries you have set out in your Will.

As mentioned above, your Executors will have financial responsibility for ensuring any taxes due are paid, liabilities are settled, and assets are correctly distributed. 

If you have been asked to be an Executor and are considering whether to accept or not, read our blog ‘I’ve been asked to be an Executor, should I say yes?’ to ensure that you understand the responsibilities of the position.

Get in touch

If you would like to speak to our experienced and friendly team about making a Will, you can get in touch by calling 01872 241408 or email us info@penderlaw.co.uk