Appointing an Executor in a Will
An Executor is a person that you appoint in your Last Will and Testament to carry out your Will wishes. Distributing your estate accordingly when you pass away.
Executors can also be beneficiaries of a Will and people often choose to appoint their spouse, civil partner or children as Executors. Because this can make life simpler when dealing with the winding up of your estate.
Who Can I Appoint As My Executor?
- Individuals (Family Members, Friends, People you trust)
- Professional people (Trust Corporations, Solicitors, Accountants)
We would always recommend appointing a minimum of two Executors. And no more than four in case of one of them passing away before you.
It may also be easier for the executors if there is more than one person to share the work and the responsibility. As your Executors may have to deal with any day to day administration of your estate in the period before it can be distributed.
Before appointing an Executor in your will it’s always best to check with them that they are happy to take on this role as it carries considerable responsibility.
Executors can claim from the estate for expenses incurred in carrying out their duties.
If your wishes for the distribution of your estate are quite complicated. There may be advantages in appointing a professional Executor, for example, a Solicitor, Trust Corporation, or Accountant.
When professional Executors are appointed they may be appointed as either individually named persons or as a firm. In legal terms, Executors and Trustees cannot profit from their position. They can only claim for any out of pocket expenses that arise.
With this being the case professional Executors will include a charging clause that authorizes them to charge for all work done by the Executors or their firm in administering the deceased estate.
Whichever option you choose when appointing your Executors be aware that there are both advantages and disadvantages that you will need to consider depending on your circumstances.
When choosing an Executor you should consider the following:
- The size of estate and complexity of wishes placed on your Executor
- The costs involved
- Their suitability for the role of Executor
- The possibility of them predeceasing you
- Their availability to act as an Executor
- Are they Happy & Willing to act as your Executor?
- Is there a possibility of any future conflict or dispute?