When making a Will, you may assume that the most important thing to consider is who will benefit from your estate, and how much they will receive. However, choosing the right Executors to appoint should also be a significant consideration as this carries important legal duties and responsibilities.
An Executor is legally responsible for administering the Estate in accordance with both the terms of the Will, and the law.
Taking on the role of Executor can be an unnerving prospect as there are a considerable amount of legal, tax and administrative responsibilities. These responsibilities will last for the duration of the administration process but possibly could continue to any ongoing Trust.
Hence, it is vital that you choose somebody you can trust to carry out this role responsibly. You are able to appoint an individual or a professional/professional body such as a solicitors, or both.
You may wish to consider a spouse or partner, close family members or close friends if appointing an individual. As best practice you should consider appointing a minimum of two individual executors. While there is no upper limit to the number of Executors you can appoint, appointing too many could make the administration unworkable.
If you prefer to appoint a non-professional Executor, they will still be able to seek professional advice from a solicitor. This may be necessary if they find the process too difficult or time-consuming.
Gorvins provide advice to Executors regarding legal duties and can take instructions to administer the estate on their behalf.
Occasionally it may be appropriate to appoint a professional Executor in your Will. Although a professional or professional body will charge for their time, this may be considered appropriate in the following circumstances:
- You wish to leave the role of Executor to an experience professional to deal with the administration process;
- You have a good relationship with your professional adviser and feel more assured in appointing them as your Executor;
- You do not feel comfortable appointing any family member or friend as an Executor, or you feel that there is no-one else who can properly carry out this role; or
- Your estate is complex and requires professional knowledge and experience.
To discuss how you can plan for the future and speak to someone who is a qualified professional, give us a call on 0161 930 5117 or e-mail willsteam@gorvins.com.