Money Saving Tip:
If you don't have complex requirements such as the need to create trusts
or leave a family business you could save money by
Making Your Will Online.
An executor is the person you have
appointed in your Will to be responsible for handling your estate and
ensuring that your wishes are carried out after you die. Usually
you would appoint more than one executor.
It is important to choose the people you
appoint as executors with care, since their job involves a great deal of
work and responsibility.
You should always approach anyone that
you are thinking of appointing as an executor to see if they are happy to take on
this duty, as there are long-term responsibilities involved,
particularly if you include
trusts in your Will. If someone is appointed who is not willing to be
an executor, they have the right to refuse.
When considering who to appoint as
executors of your Will, you will need to look for people who:
Are honest
and trustworthy
Are willing
and able to take on the responsibility
Some people when making their Will
decide to use professional executors. Doing so brings the
advantage of having one's estate administered by an experienced expert,
but also incurs fees which must be paid out of the estate.
There are different types of
professionals that you can appoint as your executors. They are:
Solicitors
With this option, your estate would be administered by someone with
relevant legal experience and expertise. The solicitor's fees
would be paid from your estate.
Accountants
Likewise, your estate would be administered by someone with
professional expertise in financial matters, and the accountant's
fees would be paid from your estate.
Banks
Many banks offer an estate administration service. Fees vary,
and are usually higher than those charged by a solicitor or
accountant.
The Public Trustee
The Public Trustee is a government official who has the power to act
as an executor, if appointed in a Will, or as an administrator when
a person dies intestate. The Public Trustee's fees are fixed
by the 'Public Trustee (Fees) Order 1999', and amended every few
years.
While it is permissible to
appoint one executor, it is better to appoint two or more, so that
if one of your executors dies before you do, the surviving
executor(s) can take on the responsibility.
There is no
legal limit on the number of executors you may appoint.
However, it
is worth bearing in mind that estates with many executors can take
longer to administer.
Many testators choose
to appoint two or three executors, sometimes opting for a
combination of relatives, friends and professionals.
If an executor dies,
any other surviving executor(s) can deal with the estate.
If there are no
surviving executors, legal advice should be sought.
Money Saving Tip:
If you don't have complex requirements such as the need to create trusts
or leave a family business you could save money by
Making Your Will Online.
