Writing a Will is one of the most important steps you can take to ensure your wishes are honoured and your loved ones are looked after when you’re gone. But equally important is choosing the right person to actually carry out those wishes – your Executor.
It’s a role that carries significant responsibility, so it’s well worth understanding what’s involved and how to choose someone who’s up to the task.
What is an Executor of a Will?
An executor is the person (or people) legally responsible for managing your estate after you die. Their job is to ensure that your assets – such as money, property, possessions and investments – are distributed according to your Will.
They may also be responsible for arranging the funeral, settling any debts, dealing with HMRC regarding inheritance tax, applying for probate if needed and managing any trusts you’ve set up. It can be a complex and time-consuming task, depending on the size and nature of your estate.
What are an Executor’s responsibilities?
The key duties of an Executor of a Will typically include:
● Reviewing your Will
● Applying for probate if necessary – this is the legal right to deal with your estate
● Getting your estate valued and identifying all assets and liabilities
● Paying any outstanding debts and taxes
● Distributing the estate to beneficiaries as set out in your Will
● Keeping clear records and accounts of how your estate is managed
How to choose an Executor for your Will
Selecting an Executor for your Will is not a decision to be taken lightly, given the legal and financial responsibilities involved in the role. An Executor is personally liable for any mistakes, even if made in good faith. Many people pick their spouse, child/ren or another family member and you can choose up to four people to perform the role jointly.
You can also appoint a professional, like a solicitor, and whilst there is a cost to this, it can provide peace of mind especially if you have a complex estate. Alternatively, it’s a good idea for your chosen Executor/s to seek legal advice with carrying out their duties to make sure that the executors have correctly interpreted the Will and carried out the wishes correctly.
When choosing an Executor for your Will, it’s key to consider the following:
1, Trust and reliability
Above all, you need someone you trust implicitly. This person will be carrying out your final wishes, so honesty and integrity are essential. It’s why many people choose a family member, but you could also appoint a close friend you trust to carry out your wishes as intended.
2, Organisation and communication skills
The role involves paperwork, deadlines and often communicating with multiple people, including beneficiaries, banks, and HMRC. Someone who is calm under pressure, well organised and good with details will be well suited to the role. If you want to choose more than one person, think about which skills each might bring to the role.
3, Age and availability
Ideally, your executor should be younger than you and in good health, to make it more likely that they will be available and able to act when the time comes. This is another reason why having more than one Executor can be a good idea.
Appointing an Executor of your Will
To officially appoint an Executor, you need to name them in your Will. Make sure you’ve spoken to your chosen Executor/s beforehand to make sure they know what the responsibilities will be, and that they’re willing to take them on.
If your situation changes – such as through divorce or a change in relationships – you can update your Will accordingly to reflect a new choice of Executor.
For legal advice about creating or updating your Will, or choosing an Executor, contact Batt Broadbent today.