Appointing an Executor
Duties:
Being an Executor of a Will involves the following duties:
- Collecting all the assets of your estate together
- Calculating the value of your estate
- Applying for a Grant of Probate
- Guaranteeing that all your bills, debts, taxes (including inheritance) and funeral expenses are paid for out of your estate
- Distributing your remaining assets to family, friends or charities in accordance with the wishes in your Will
Choosing your Executors:
Choosing your Executors is very important as they will be responsible for the distribution of your estate once you pass away. You must always speak to potential Executors before appointing them, to make sure they are willing to take on this responsibility. In some cases their role in executing your Will may be a long term commitment, if for example, Trusts are involved.
When appointing an Executor for your Will, you must consider:
- Someone who is honest and trust worthy
- Someone who is willing to take on this responsibility
- Someone who is able to cope with financial matters
- Someone who is likely to outlive you
- Examples: spouse, siblings, adult children, close friends, nephew or niece, your solicitor etc
Having a professional Executor:
Some people prefer to use a professional Executor for their Wills. This means that all of your estate is managed by a professional, however this does incur a fee which is taken out of your estate.
Professional Executors that you can appoint are:
- Solicitors
- Accountants
- Banks
- The Public Trustee
How many Executors do I need?
- We advise that you have two or more Executors of your Will, so that if one Executor dies, there are others who can continue the estate responsibility.
- There is no legal limit to how many Executors that you have. However, the more you have, the longer it will take for your estate to be distributed.
Changing your Executor
In some situations you may need to change your Executor for example:
- Your Executor has passed away
- Your Executor now lives overseas
- Your Executor no longer wants the responsibility
You can change your Executor in one of two ways:
- By writing a codicil (a supplement document which is added to your existing Will making some new arrangements, but leaves the rest of your Will in tact.)
- By writing a new Will
Contact our Wills, Trusts and Probate team who can arrange a meeting with you and talk you through the Appointment of an Executor process on 0161 926 9969.
