Who should you appoint as executor of your Will?
Posted on 28th October 2019
It’s important to consider who you would want to deal with your estate, when you’re writing your Will.
One of the main issues that our Wills solicitors face, when dealing with local clients and distance clients alike, is that they immediately think that appointing their children is the way forward. However, perhaps this isn’t always the case. Read our expert Will writer’s blog to find out why.
For the record, our expert Will drafting solicitors aren’t saying that children shouldn’t be appointed. However, it is important to consider the duties that your executor will be asked to undertake, and whether they are capable of dealing with everything.
So, what is an executor’s role?
Executors have legal authority to deal with your affairs and estate following your death. 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:-
Arranging the funeral (although this can sometimes be done by the family, if the executor is a professional person who may not know your wishes).
Registering the death (again, the family can deal with this on behalf of a professional person, such as your local wills solicitors).
Notifying organisations of the death, including HMRC, Department for Work and Pensions, Utility companies, banks, mortgage companies, etc).
Applying for probate in order to deal with your estate.
Closing down bank accounts and collecting in other assets.
Paying off liabilities, such as money owed on utilities, or credit cards.
Collecting in all the assets, such as money in savings or banks, stocks and shares, or selling property.
Calculating and paying taxes, including Inheritance Tax.
Preparing the estate accounts, to provide to the beneficiaries, showing money received in and paid out.
Distributing the assets to the Beneficiaries named in the Will, including charities, family members of the deceased and giving any specific gifts set out in the Will.
Unfortunately, the duties listed above are not an exhaustive list – there are many other duties that your executors may have to undertake.
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 12 months to finalise, although this can be longer in some cases. On top of all of this, the executors can be held responsible if any mistakes are made, even if these errors were genuine mistakes. It’s 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.
Who can I appoint as my executors?
If you’re not sure who to appoint as your executor, it may help you to know that your local Wills solicitors, such as our team at MG Legal, can act as executors of your estate. They will be able to deal with all of the assets and liabilities, and ensure that the procedure is carried out properly, to protect your estate – and your family – from being held liable if they make any mistakes. This can also help reduce any stress that they are facing during what is, already, a very stressful time!
However, you can also appoint anyone else that you wish, provided that they are over the age of 18 years on the date of death of the deceased, and they have mental capacity to carry out the role.
Some people chose to appoint family members, or close friends, whilst others may choose another professional, such as the bank, or the charity that they are including in their Will.
If you want to speak to our team about appointing them as your executors, you can contact them, here, or pop into your local office to find out more about our services.
MG Legal – Your Local Solicitors
Tagged as: Garstang Solicitors, Lancaster Law, Lasting Powers of Attorney, Wills and Probate, Your Local Solicitors
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