One of the most important decisions you need to make when completing your Will, is choosing an executor..
Making a Will is something that a lot of us put off doing. No one looks forward to the task but it is something that we should all do to ensure everything can be handled smoothly when we’ve gone. The New Year is the perfect time to get your affairs in order. One of the most important decisions you need to make when completing your Will, is choosing an executor.
What is an executor?
An executor is the person who will be in charge of distributing your money, assets and property after you have gone. Being an executor is a big responsibility and depending on the value of your assets, it can involve a great deal of work. It’s best to inform your chosen executor of their responsibility ahead of time to talk through what is involved and whether they are comfortable with the role.
Who can be an executor?
Anyone who is aged 18 years or older can be an executor. For obvious reasons, many people choose someone close to them who they trust, such as their spouse, sibling or one of their children. You can choose an executor who is also named as a beneficiary in your Will, they just cannot be a witness to your Will.
You can appoint more than one executor, but bear in mind that a maximum of four people may apply for a Grant of Probate and they must work together, so it might be best to simply choose two. It’s not advisable to only choose one executor because the responsibility solely lies on them and, whilst it’s not pleasant to think about, they could pass before you do.
If you don’t have someone you trust to appoint as executor, or friends and family do not want the responsibility, you can appoint a professional executor. Professional executors include solicitors and accountants. This is also ideal if your estate is complex and is of high value. You will be charged for the service if you choose a professional executors and the money will simply come out of your estate.
Some people choose to appoint one family member and one professional executor to ensure all their bases are covered.
Whoever you appoint as executor of your Will, they can receive help from us at Get Probate. We offer a Probate service that takes the pressure off the executors. We do not take over as executor. We merely take on the responsibility – the named executors remains as executors at all times.
The main reasons people choose Get Probate to help them with Probate is that we are:
significantly cheaper and quicker than solicitors and banks
friendly and professional (we are authorised by the ICAEW to carry out Probate work – whereas a lot of accountants aren’t)