You’ve decided that it’s time to make a Will and you’ve chosen the lucky person who’s going to get that hideous vase that’s been passed down in the family for years but have you thought about who you trust to sort everything out?
Who Can Act As Executor?
The simplest requirement is that anyone who you want to act as executor must be over 18. Your executor can also be someone who will receive a gift under your Will.
The role is a responsible one and your executor will be legally and financially responsible for the administration of the estate. This means that they could be held personally responsible for paying a legacy to the wrong person or not paying the correct amount of Inheritance Tax.
The amount of work required to administer an estate varies from case to case but on average it can take around 12 months.
As it is such a responsible role which may take up a lot of the executor’s time you should think carefully about who you want to take on the role. We would always recommend talking to the person who you would like to act to check that they are happy to take on the responsibility. If you have already written your Will and your chosen executor says that they would prefer not to act you are able to amend just that part of your Will by making a codicil.
Who Should I Consider Appointing As My Executor?
Often when someone has two or more children, they appoint all of them as they feel it will be better if no one is left out. Unfortunately, if the children have very different views on how things should be dealt with this decision may backfire and it could cause a lot of tension in the family. In these circumstances it might be best to appoint someone independent from the family.
In some cases, it might even be preferable to appoint a professional to act as your executor. There will be a cost implication to this but if it helps to preserve family relationships you might feel that the cost is justified. Also bear in mind that if you appoint a probate lawyer this is what they do every day and they should be able to deal with things more easily than someone who has never dealt with the administration of an estate before.
It can also be advantageous where you know that one of your children would be able to deal with the responsibility of the role where others might not but that they would object to not being appointed.
Help When Acting As An Executor
Even if you don’t appoint a professional to act as an executor your chosen executor is able to instruct a lawyer to administer the estate on their behalf if they do not have the time or feel that they do not have the necessary skills to deal with things properly. The estate will bear the cost of the legal fees.
A good lawyer will be able to work with the executor to provide the level of support that they need.
They might just need some advice about how to start the process and clarification about the terms of the Will.
