Making a Will Part Three: Choosing an Executor
In the first two parts of this series on making a will, we explained why you need to make and will and gave an overview of the process. When making your will, you will need to decide who will be the Executors. This is an important decision, and there are a few things you should think about before you make your choice. Read on for more information.
What does an Executor Do?
An executor’s job is to make sure your wishes as specified in your will are carried out after your death. It can be a long and complicated process, potentially involving some of the following:
- Identifying all the assets of the deceased person
- Applying for probate
- Selling property
- Paying creditors
- Speaking to insurers and financial institutions
- Distributing the estate – giving the beneficiaries money, property and other items as specified in the will
- Dealing with inheritance tax
- Registering the death and arranging the funeral
Many executors appoint a solicitor to assist them with this process, especially if the deceased person’s estate is large or there are complicating factors.
Who can be an Executor of a Will?
Anyone over the age of 18 can be an executor of a will. Most people choose a spouse or civil partner, family member or close friend. You might choose an adult child or grandchild – an executor can also be a beneficiary of your will. You should choose someone you trust and who you feel has the skills to deal with the paperwork.
A solicitor or accountant can also act as an executor and it is not unusual for a person to choose one personal and one professional executor. You should bear in mind that being an executor may not be straightforward, and carries a lot of responsibility. It’s important to discuss your plans in detail with your potential executor(s) to ensure they know what will be required of them and are happy to undertake the role. Don’t forget, this is likely to be a difficult time for them already.
If you would like to discuss any aspect of making a will you can contact us for more information.
