Choosing an executor: what should you consider?
Executors are the people named in wills who are legally appointed to deal with the administration of a deceased’s estate. They are, in brief, responsible for valuing the assets in the estate, applying for the grant of probate, accounting for inheritance tax, collecting in the assets, ensuring all liabilities, taxes and expenses are paid, and finally distributing the remainder of the estate in accordance with the will.
Legally, anyone over the age of 18 with capacity can be appointed as an executor, but it is important to consider who is most appropriate to appoint, depending on the complexity of your estate, your will instructions, and your family situation. These are some key factors to consider:
1. Your executors must be trustworthy.
This should really go without saying, but it is a fundamental consideration. Your executor will have access to your financial information, assets, and confidential documents. It is important to choose someone you can trust implicitly. It is not advisable to appoint someone who is bankrupt or who you know is not good at handling money.
2. Consider their personal circumstances.
Taking on the role of an executor can be a significant commitment and not everyone is prepared to take on this task. You should consider the age of your proposed executor – if they are a similar age or old than you, you should consider appointing a replacement to act in the event that they have predeceased you or are unwilling to act when it comes to it.
You should also consider the location of your executor. Whilst most administration tasks can be dealt with remotely, it can be useful to appoint someone who is relatively local who can deal with tasks such as the house sale or clearance.
It is very common for family members who are named as executors to instruct lawyers to help them with administering an estate.
3. How complex is your estate?
If you have a high value or complex estate, or if your estate involves business or agricultural assets, you may wish to appoint a professional executor such as a solicitor or accountant, or someone who is directly involved in your business affairs, to deal with the estate. This will ensure that all tax matters are dealt with properly and proper consideration is given to how to deal with the assets in the estate.
4. How complex are your will instructions?
If your will includes a trust, you will need to consider whether your executors will also be the trustees of that trust. If so, they will need to be able to act impartially, particularly where family dynamics may be difficult. You should consider appointing at least one independent trustee where there is likely to be an ongoing trust.
5. What is your family situation?
Where family relationships have the potential to become strained, you may wish to consider appointing a professional executor to reduce the administrative burden on family members and to reduce the possibility of family tension at a difficult time.
6. Should you appoint more than one executor?
It can be a good idea to appoint more than one executor if you want to “share the load” or ensure multiple perspectives are considered in any decision-making. However, you should consider any potential conflict between the chosen executors, and also consider the practicality of requiring multiple signatures for all of the paperwork involved in dealing with the estate.
By carefully considering your options and consulting an Accredited Lifetime Lawyer for expert advice you can ensure that your estate will be managed as smoothly and efficiently as possible.