Who should you appoint as executor of your Will?
Posted on 28th March 2024
When you are making or updating your Will, it’s important to consider who you would want to deal with your estate, in the role of your executors and trustees. The issue many of our Will-drafting clients face is that they do not know who to appoint in these roles. In this article, our Wills Solicitors in Preston discuss the role of an executor and trustee, and who you could appoint to act in this role.
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What is the role of an executor in a Will?
An executor’s role when administering an estate is, essentially, dealing with the whole estate of their deceased loved one, from the day of death to the day the estate is finalised. Most executors who have acted would agree that there’s a significant amount of work involved in this task. The main duties that an executor will undertake are:-
Registering the death –
This involves liaising with the Registry Office to register the death with them, which – in turn- means the death certificate can be issued. In some cases, the family deals with this, not necessarily the executors named in the Will, although these can be one and the same;
Arranging the funeral –
This involves either planning a funeral, cremation, or alternative burial as the deceased would have wanted. Traditionally, the only two options available were a burial or cremation, however, now-a-days, there are many alternative options which are becoming more popular, such as donation of the body to science or medical purposes, water cremation, burial pods- the list goes on;
Notifying organisations of the death –
The executors must notify the organisations who the deceased had a relationship with during their lifetimes, including HM Revenue and Customs, Department for Work and Pensions, Utility companies, banks, mortgage companies, etc;
Calculating and paying taxes –
The primary tax payable on estates is Inheritance Tax, which the executors must account for to HM Revenue and Customs, but estates can often be liable for income tax and Capital Gains Tax;
Probate –
If necessary, the executors will need to apply to the Probate Registry for a Grant of Probate, to give them the court-sealed authority to deal with the estate;
Closing down bank accounts and collecting in other assets –
Once Probate has been obtained, the executors usually need to submit the original document to the organisations, along with the required closure forms, for the organisation to deal with finalising the deceased’s account;
Paying off liabilities –
This can include unpaid utilities, the funeral bill, credit card balances, mortgages, and administration expenses, such as legal costs, costs of selling or transferring any property, section 27 Notices, Financial Asset Search costs, and will search costs;
Preparing the estate accounts –
These are records of all funds received into or paid out of the estate, which gives the beneficiaries sufficient information to have a clear record of the estate;
Distributing the assets to the Beneficiaries named in the Will –
This includes gifts, legacies, and payments to the residuary beneficiaries named in the Will.
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Unfortunately, the duties listed above are not an exhaustive list – there are many other duties that your executors may have to undertake, which is often why executors enlist the assistance of experienced Probate Solicitors to ensure that they take all the correct and necessary legal steps to formalise their loved one’s estate.
On top of being, in a lot of cases, extremely stressful, your executors will most likely find the process time consuming. Generally, an estate can take anywhere between 9 and 18 months to finalise, although this can be longer in some cases. Moreover, the executors can be held responsible if any mistakes are made, even if these errors were genuine mistakes. It is therefore important that the person or people that you choose to act as your executors are capable, and have the time to deal with your affairs.
What is the role of a trustee in my Will?
The role of a trustee is often similar to that of an executor, especially in cases where a trust is not established by the Will. However, in cases where there is a trust, such as a property trust or a discretionary trust, the trustee will be required to administer the trust. It is advisable to seek legal advice from Wills Solicitors in Preston if you are unsure of the role you need to take on.
Who can I appoint as my executors in my Will?
There are a range of people who may be suitable to be appointed as your executors. The obvious choice for many of our Wills Solicitors in Preston’s clients is often the same people they are appointing as their beneficiaries, providing the beneficiaries are over 18 and have capacity. For example, if someone is leaving everything to their spouse or adult children, they may appoint these same people as their executors.
In some cases, the beneficiaries may not be a suitable choice. For example, if you are leaving your estate to people under the age of 18, or before the age they are due to inherit if you have specified over 18 for this, or the beneficiaries of the estate are not a person, for example, if you leave your estate to charities, the beneficiaries as executors may not be a suitable choice. Alternatively, you may choose to appoint another relative who would be suitable, or your friends.
Another suitable alternative for the choice of executors may be your Wills Solicitors in Preston, MG Legal. We often act as professional executors, ensuring your estate is administered and finalised correctly, and that the correct beneficiaries receive their inheritance from your estate in a timely manner. Our Probate Solicitors have excellent reviews from estates they have dealt with over the past years, from both estates where they are professional executors and estates where they have been instructed by the non-professional executors.
Who can I appoint as trustees in my Will?
You can appoint the same people as executors and trustees of your Will, although some people prefer to appoint different people in each role. For example, if there is a property trust in your Will, you may appoint your children as your executors, but you may decide the trustees of the property trust should be an independent third party, such as MG Legal. The same principles apply, as above, and it is important to note that trustees cannot be people who are subject to insolvency proceedings, or people who are undischarged bankrupts.
If you want to speak to our Wills Solicitors about appointing them as your executors, you can contact them, here, call 01772 783314, or pop into your local office to find out more about our services.
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