There are many important decisions to make when you decide to make a Will, one of these is deciding who your Executors should be.
It is always advisable to have more than one Executor appointed, in the event that they pass away before you or are simply not in a position to act when the time comes.
Your Executors are the people that carry out your instructions in your Will when you die. Anyone over the age of 18 can be an Executor and it does not matter if they are also named as a beneficiary under your Will.
Executors duties can be extensive. They can include tasks such as:
- registering your death
- organising your funeral
- notifying financial institutions of your death
- obtaining valuations of your assets
- ensuring the correct amount of inheritance tax is paid; and
- selling your assets and ensuring your beneficiaries receive their entitlement
Sometimes Executors will need to make difficult decisions and handle difficult situations, for instance if there is a dispute.
It can be a difficult decision choosing the most appropriate people to be Executors. Firstly, as the role bears a lot of responsibility, these should be people that you trust to carry out your wishes and that you are confident would be able to deal with any issues that may crop up. If you are considering appointing an Executor is always advisable to ask them first, to check that they are happy to take on the role.
You can also choose professionals to act as your Executors, such as solicitors or accountants. When professionals act as Executors, then there is a charge for this service, and these charges usually depend on the complexity of the matter. There can be many advantages to appointing professionals, as they can use the benefit of their experience to provide the correct advice and will be able to be impartial in the event of a problem.