Choosing an executor for your will can be a challenge. The role carries a lot of responsibility and trust, including applying for probate and managing your entire estate. There are also several factors you need to consider to help you choose the best person for the job.
If you’re unsure of how best to go about choosing the right executor for your estate, we’ve included some key considerations below.
Understanding the role and responsibilities of an executor
Before you choose who should be the executor of your estate, it’s a good idea to understand the role and responsibilities that person will have to carry out. For instance, the executor is legally responsible for managing your entire estate, ensuring debts are settled, all taxes are paid, and assets are distributed properly.
Your executor will also need to apply for probate, a process that can take anywhere from 12 weeks to 18 months. Alongside this, they’ll need to value your estate and communicate with your chosen beneficiaries.
Criteria for selecting an executor
When you’re choosing your executor, you need to consider several factors, such as trustworthiness, organisational skills, availability, and the ability to handle complex financial matters.
Ultimately, you need an individual who is both trustworthy and capable, as any issues could result in your wishes not being carried out how you intended. We recommend that you discuss the role with your potential choices to see how they feel about the matter. Ensuring your choices are both willing and capable is crucial, unless you want to consider appointing professional executors.
The option of appointing professional executors
Of course, you can always choose a professional probate solicitor or bank to act as the executor of your will. This comes with several benefits, like the knowledge that they’ll bring both legal and financial expertise to ensure a smooth transition of your estate.
On the other hand, they’ll also charge fees for their service. These are typically paid from your estate, which can reduce the amount your beneficiaries will receive. Ultimately, the choice is up to you; however, the peace of mind in knowing that none of your friends or family will have to juggle managing your estate and grieving your passing may be worth it.
Addressing concerns and potential issues
While appointing an executor is an important decision, your beneficiaries do have options if issues start to arise.
If an executor is not fulfilling their duties, beneficiaries are able to express their concerns directly. If issues remain unresolved, your beneficiaries can submit an application to the Court of Probate to replace the executor, although this can be a time-consuming process.
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