Why should you consider a professional executor for your Will?
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One of the most important decisions when writing a Will is deciding who to appoint as an executor. Therefore, it is important to choose someone you can trust and someone who will be able to handle the legal and practical responsibilities of the role. The role of an executor can be time-consuming and complex.
What is an Executor?
An executor of a Will is a person chosen to administer your Estate and ensuring your wishes in your Will are fulfilled. Your Estate includes everything you own including money, property and possessions. Whilst anyone can act as an executor, choosing a professional executor to administer your Estate has many benefits. A professional executor can be your solicitor, accountant, or even a bank.
How many Executors should I have?
It is recommended to have at least two Executors who will be able to work together to share responsibility, however, you can appoint up to four should you wish.
Why should I choose a Professional Executor?
The passing away of a loved one can be a very difficult time for family and friends. The burden of dealing with the Estate can be a lot to handle for a grieving family member as there is a lot to manage when administering an estate. Appointing a solicitor can relieve the family from the stress and burden of dealing with the legal process. Moreover, if an Estate is not administered correctly, Executors are personally liable for any claims brought against the estate.
A professional executor will have the necessary legal knowledge and expertise needed to deal with your Estate. Dealing with an estate can be a complex affair, such as sorting out the deceased’s taxes, selling a property or managing investments. Therefore, appointing a professional will ensure your Estate is dealt with in an efficient and correct manner.
It is common for tensions to arise amongst friends and family members which may cause difficulties in the administration of the Estate. However, a professional executor will ensure that all matters are dealt with objectively and impartially, as well as in the best interests of the beneficiaries.
Choosing a family member or friend as your Executor will not guarantee that they will be able or even willing to act at the time of your death. If they do not wish to act, the Non – Contentious Probate Rules will govern who will act as your personal representative. This may be someone you do not wish to be handling your estate therefore, appointing a professional allows you retain some form of control as well as always having someone capable such as a solicitor’s firm, of assuming the responsibility as your executor.
The costs of appointing a professional Executor may be concerning for some individuals. However, administering an estate is a complicated process and the advice of a professional Executor can be invaluable.
What is the process of appointing a professional?
When you are making or updating your Will, you may ask your solicitor if they or their firm will act in the capacity of an executor. They can then name themselves as the executors of your Will when drafting or updating it.
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