Creating a Will can be a challenging task. It is overwhelming and mentally exhausting trying to figure out who gets what when it comes to your estate. For some, the most challenging part could be figuring out who to name the Executor. We understand how difficult it is and how important it is to nominate the right person.
The Executor will sort your property after you pass away and carry out the instructions stated in your Will. While you can choose who you like, there are some things you want to consider before naming that person.
This article will cover important details to help you choose the Executor of your Will. We hope this will help you make the right choice for you and your estate.
Choosing Your Executor
Some people are unaware of who has been chosen to manage their estate once their loved one has passed away. As a result, it can be challenging for grief-stricken family members or friends to find the relevant information to deal with the legalities surrounding their death. This often leads to lengthy delays and frustration for all concerned.
That said, appointing an Executor is not something that should be taken lightly. This person will potentially hold the keys to your whole world when you’re gone. You need someone you trust
When you decide who you want to appoint as your Executor, make sure you communicate this to them so they are not blindsided, and may prepare for their role.
What is the Role of the Executor?
The primary role of your Executor is to ensure that your estate is passed on to those who are entitled after death. The secondary role would be to see to it that all debts are settled. distributed as requested by you.
What Makes a Good Executor?
When choosing a good Executor, it must be someone that you trust. This person is going to handle all of your affairs after your death and have access to all sorts of important information. You want to make sure this person is capable of being strong enough once you are gone to follow your instructions in your will and handle any disagreements among beneficiaries fairly.
Do You Have to Explain Your Choice?
The short answer is no. It is a good idea to think carefully about who you choose. This way, you can reassure friends and family that this person is trustworthy enough for such an important job. There are no rules about who you can choose as long as they are over 18, not disqualified from acting as an Executor (e.g., bankrupt or mentally incapable), and likely to accept – remember that they can decline to act if they wish.
Do You Have to Have an Executor?
Some people might not need one if they have a small estate. Asset Providers such as some banks may be willing to accept an indemnity from the Executors. We recommend that you nominate an Executor in your Will, because handling your estate after your passing requires wisdom, dedication, and patience.
What if You Don’t Have Anyone to Be An Executor?
If you do not have anyone who can be your Executor, you will be appointed a government official called a Public Trustee. A Public Trustee will also step in if you have assigned an Executor who can no longer act, for example because they have lost capacity.
Elizabeth Middleton Solicitors advise that you appoint charities who will always ensure that your Will is administered if you do not have any family to appoint.
When You’ve Chosen an Executor
It is important that the person who you have chosen knows their role and what they need to do to administer your estate. Alternatively, they can appoint a solicitor to administer the estate on your behalf.
Elizabeth Middleton Solicitors are at the ready with an experienced and considerate team to assist you with your estate planning needs. Contact us for more information about writing your Will, as well as your other legal needs for Probate, Lasting powers of attorney and Equity Release.