26/10/2021
WHAT TO CONSIDER WHEN APPOINTING AN EXECUTOR
The job of an Executor is to ensure that the wishes of the person making the Will [ The Testator ] in connection with the disposal of assets are carried out. In summary, the Executor has the responsibility to ensure payment of the Testator’s debts , and that what is left after payment of the debts[the residuary estate] is distributed as instructed by the Testator in the Will.
It should be stated that Wills are important for the majority of adults, whether single, married, parents , young and old , and should not be forgotten about until it is too late.
In appointing an Executor most people will think of spouse, Partner , children or relative. Sometimes it might be a friend or even a Professional Executor, Solicitor , Will Writing Company, Accountant . It is important to note that a beneficiary named in the Will can also be an Executor.
Because of the heavy burden of duty on an Executor, the Testator needs to ensure that the Executor agrees to be appointed, by way of prior discussion with the Executor, who must also be physically and mentally capable, and possessing the correct aptitude for Executorship. The administration of a deceased person’s estate, for which the Executor is responsible ,can take months and sometimes years , depending on the circumstances surrounding the deceased estate and its size. An Executor needs to be readily available during the administration period to deal with anything that arises in connection with the administration during that period, and ready to sign forms and documents.
A Testator should be aware that an Executor must be able to carry out complex wishes or perhaps, even, dealing with family members or friends who have been left out of the Will for whatever reason. If the Executor is going to be in a position ,because of their relationship with such person ,to find it difficult to honour the Testator’s wishes, then they should not be appointed. In such cases a Professional Executor could be considered , because he, she or it, would have no such qualms.
The Testator could consider appointing a Professional Executor together with a non- professional Executor, which has the advantage that the Professional Executor can guide and advise the non- professional with regard to certain aspects of the administration and leave the non- professional to deal with more personal matters .The Professional Executor will have experience which will be of great assistance to the non- professional, but a Professional Executor will charge the estate and those costs should be clarified understood and agreed by the Professional Executor before any such appointment .
It should also be noted that non professional Executors can’t make charges but can recoup expenses, travelling, postage, cost of documents etc.
It is sensible to appoint more than one executor to prevent the estate being without an Executor should the person appointed die before completion of the administration of the estate. If that does occur ,then someone not anticipated or wanted by the Testator could be appointed as Executor. It is , therefore ,always wise to appoint at least two Executors.
As an alternative a Testator can stipulate who should be Executor in place of an Executor who is unable to carry out duties.
Appointing an Executor is the first and possibly the most important part of making your Will, and remember there are several reasons why a Will should be made, [the subject of a different article ], which do not include age.
Simon Lincoln,
SD Will Writing Company,
07967124391
[email protected]
