Once you have decided to make a Will one of the most important decisions to make is who will act as your Executor.
The Executor plays a vital part in the distribution of your assets and so should be chosen with care. Here we highlight the role of the Executor and what to consider when choosing.
What is the role of an Executor?
Your Executor’s role is to implement the wishes set out in your Will after you pass away. They are responsible for taking the Will through probate and must ensure that any outstanding debts are paid before your assets are distributed to your beneficiaries. They will also provide any outstanding documentation to the authorities and potentially have to deal with any claims or disputes made against your Will.
Who should you choose?
Since the role of the Executor is so important it is vital you choose someone you know and trust. You (and your beneficiaries) are relying on them to carry out your wishes. They will develop a very detailed knowledge of your estate so consider carefully who is most suitable, and inform them beforehand in case they raise any concerns.
Are there any restrictions on who can act as your Executor?
Your Executor must be over 18, and ideally resident in the UK to avoid delays and complications in probate. It is common practice to appoint two Executors however you can have any number between one and four. You may also appoint one of your beneficiaries. For many people this is the preferred option as it means your affairs will be dealt with promptly by someone close to you.
If you are at a loss over who to appoint, then a legal professional could be a good alternative. They must only be appointed at your request and you must have a clear understanding of the fees they will charge to your estate, which in some instances can mount up rapidly.
Willwriting Services Ltd can help put your Will in place and give you peace of mind. Their specialist legal consultants are available for home visits days and evenings, seven days a week. They will guide you through the entire process, advising you on the Executor’s duties and the services offered by WSL to help your loved ones through such a difficult time. WSL are delighted to be able to offer Silverhairs.com customers a discount on their home visit service of up to £50. Please call us direct on 020 8380 1082 or click here to view the offer.