Your will can be an important part of your estate plan, setting out your wishes for how your estate will be distributed.
When you write a will, you must appoint at least one person as an executor. This person or people will be legally responsible for implementing your wishes after you pass away. As such, it’s sensible to take the time to think carefully about who you appoint.
Read on to learn more about the key considerations to help you make an informed decision about who you’d like to be the executor of your will.
There are several stages of implementing your will that an executor must go through
While the exact process will be unique depending on the circumstances of your estate, usually your executor will need to go through the following steps.
- Locate and review the most recent version of your will
- Organise your funeral according to any plans or wishes you have stated in your will
- Have the estate valued
- Apply for probate
- Open an executor bank account to hold your assets
- Pay any outstanding debts
- Distribute the estate according to the instructions in your will
- Finalise and sign the paperwork.
As you can see, there is a lot to think about and keep on top of. That’s why the decision of who will be your executor is not one to take lightly.
4 important factors to consider when choosing an executor for your will
You can choose anyone to be the executor of your will, provided they are aged 18 or over and have the mental capacity to carry out the required duties. But given the nature of the work involved, there are some important factors to consider before making your choice.
Below are four questions to ask yourself before you decide.
1. Who do you trust to take responsibility for your estate after you die?
Perhaps the most important question to start with, ask yourself who you really trust to be responsible for your estate and for implementing your wishes.
It’s not just about choosing someone who has your best interests at heart; it’s also about knowing that they’ll have the time to carry out the responsibilities. If your estate is complex, the process of distributing your assets could be extremely time-consuming and require a lot of work.
So, think about the people in your life who will be best placed to take on this role, particularly during a time of grief for them.
2. Would you like to share the responsibility between several people?
You can have up to four executors of your will.
Given how complex it can be to take on the role of executor, you may wish to appoint multiple people so that they can share responsibility. This can be a helpful way to ease the load on your nominated people because they can work together to complete the process.
It’s worth considering who would make a good team as your executors. If there are any family conflicts between the two people you choose, it could cause delays and create more stress for the family as a whole.
3. Who is prepared to take on the role of executor?
When you have decided who you think would be the right person to nominate as your executor, it’s a good idea to speak to them before you finalise your will.
Make sure they understand what the role entails and, if you’re happy to share it with them, what your wishes are for your estate. This will help them to make an informed decision about whether they want to accept the role.
They must also be aware that, after you pass away and they have started the process of distributing your estate, they can’t walk away unless they are under exceptional circumstances.
If they decide that they would prefer not to be appointed as executor, you’ll need to choose someone else for the role and update your will accordingly.
4. Would a professional person be more suitable than a family member?
If you prefer, you could appoint a professional party to act as your executor, such as a solicitor. This could be a helpful option to take if your friends or family don’t want to take on the responsibility, or if your estate is particularly complex.
A professional executor will charge for their services, but they will usually take their fees from your estate after you pass away.
Get in touch
If you’d like support in making sure your estate plan is clear, tax-efficient, and in line with your wishes, we can help.
Please get in touch by emailing us at financial@barwells-wealth.co.uk or by phone on 01273 086 311.
Please note
The Financial Conduct Authority does not regulate estate planning, tax planning or will writing.
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
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