Will Executors

When you write your Will, you should name executors within it, who are the people they wish to deal with their estate on your death. Normally people choose family members, close friends and possibly a professional executor such as a solicitor or accountant. You can appoint as many or as few Will executors(and trustees) as you like, although you need to appoint at least 1. A maximum of 4 executors may take out a grant of probate in respect of the same property, so you should list them in order of priority in the event there are more than 4.

What responsibilities does an Executor have?

Dealing with an estate can be quite a complex process, the main responsibilities are shown here:

  • Value the deceased’s estate, this will include house valuations, valuations of personal effects, collation and valuation of financial portfolios etc
  • Collect and safeguard the assets of an estate
  • Prepare the IHT (inheritance tax) forms and pay any IHT, capital gains and income tax due
  • Apply for the grant of probate using the probate application forms with the local probate registry
  • Register the grant of probate with any relevant institutions
  • Transfer the ownership of any property and close any accounts
  • Pay any debts or liabilities owed by the deceased and pay any expenses incurred
  • Prepare final accounts for the estate
  • Distribute the estate in accordance with the Will or intestacy rules

We can help. Call us on 01935 823883

Points To Consider When Appointing Executors

Why Should You Have More Than One Executor?

The reasons you may wish to nominate multiple executors are to prevent one person having absolute control of your estate and to avoid problems that can arise where an executor dies before you do, or becomes incapable of acting. We normally recommend 2, with one being a solicitor or accountant, or 3 to prevent different opinions constantly causing deadlock. Executors can only take appointment if they are aged 18 or over.

Why Should You Have A Professional Executor?

Professional executors are entitled to be paid for the work they do. What you will find is that non-professional executors are often daunted by what the task involves and need professional help to do the job. Executors do not have to accept their appointment and can renounce their executorship, so you should always discuss it with them first. However, they are much more likely to agree if they know they will have the help of a professional to sort things out.

What If You Don't Know Anyone Who Can Be An Executor?

Our advice would be to find a local solicitor and to speak to them about becoming your executor. Failing that you could appoint the Public Trustee as the executor of your estate to deal with your property and money after you die. They are able to do most things any other Executor can, such as apply for Probate. If you would like to name the Public Trustee as an executor in your Will, you can call them on 020 3681 2759 for more information or send them a copy of your Will, together with a letter explaining your situation to: The Public Trustee, Victory House, 30-34 Kingsway, London WC2B 6EX

What Are Your Next Steps?

If you’re writing your Will and need advice on who you should name as executors or would like to consider Routh Clark as an executor, please contact us on 01935 823883 to discuss the best way forward.

To discuss your Will call us on 01935 823883