Being an executor of someone’s Will is a legal and potentially internationally complicated role. Many of us think we know the right people and name them in our Will, sometimes without consulting them or realising what’s involved. We usually choose our spouses, relatives or friends when they will be going through the grieving process themselves.
The executor’s role is a legal one and carries many moral and financial responsibilities. These are some of them:
- Finding a Will, registering the death and obtaining death certificates
- Tracing & liaising with all of the companies the deceased had dealing with
- Valuing the estate, identifying & valuing all worldwide assets (including digital)
- Applying for a Grant of Probate
- Dealing with the tax authorities & paying inheritance tax
- Collecting and distributing the estate’s assets
- Selling properties and other assets
- Paying bills
- Tracing & dealing with beneficiaries including dissatisfied ones
- Preparing the accounts
Bearing these in mind, it is imperative that you choose people. There are usually two, who must have your best interests at heart, are of an appropriate age, are willing & capable of doing the job and cannot be influenced by others. If you name more than one, they must legally work together. Remember, they will usually be unpaid for their hard work.
What if they become ill or lose mental capacity? What if they simply don’t want the responsibility at the time? What if you fall out with them?
It’s not easy and requires looking ahead to try and imagine who would willingly fit the bill when you die.
Although there is a cost, using a professional executor could avoid the pressure your relatives would find themselves under, ensure your wishes are followed, avoid family arguments and take care of all the unavoidable technical tasks. Not to mention your own peace of mind that your wishes and estate will be dealt with efficiently.
For free advice to help you make the right decisions, please contact us
