When making your Will, as part of the process you must appoint an Executor. In essence, the Executor is responsible for managing your Will – ensuring that all of your assets and estate are handled according to your instructions. It should be a person or company that you can trust.

 

Who can be appointed?

 

  • Individuals (family members, spouses, friends)
  • Professional People (Solicitors, Accountants, Bank Managers)
  • Trust Corporation (A corporation who specialise in handling trusts and estates)

There are advantages and disadvantages to all options, which should be carefully considered when choosing.

In a Will, Executors can also be Beneficiaries and thus people often appoint spouses, partners and children etc. It is important to make sure the Executors you propose are willing to take on this role before naming them in your Will, as it can be a big responsibility. You should also consider naming more than one Executor in the event one passes away before you. 

The role can be made easier if there is a second or third person for the Executor to share the work with, as they may have to deal with any day to day administration of your estate whilst waiting for it to be distributed. It is also important to note that Executors can claim any expenses incurred from your estate whilst they carry out their duties.

It is down to personal preference who you chose. Some people prefer to have a trusted family member to assume the responsibility, whereas others opt for a professional in order to alleviate any further stresses on family during their grieving period.

Our team of professionals at The Will Guys can help advise what may be the right option for you. We also have a group of legal partners who can deal with the administration of your estate if you so desire.

 

For more advice on Executors, don’t hesitate to reach out to us today.