What is an Executor of a Will?
The person administering the estate/property of the deceased is called an executor. The named executor is accountable for handling the estate.
What is a Will Executor?
18/08/21
When you make a will, appointing your executors is one of the most important decisions to make. Whoever you choose will need to feel comfortable carrying out your wishes left in your will and administering your estate. So, what else will an executor need to do?
Who can be an Executor of my Will?
Anybody over the age of 18 can be the executor of your will. This can be a family member, friend or a professional. Most people decide to make their spouse, civil partner or children an executor. You can have up to four executors act simultaneously, but they all have to cooperate.
There’s no law against people named in your will as beneficiaries being your executors.
How many Executors can I Appoint when I Write a Will?
At least one executor needs to be named, but you can choose up to four people to be executors of your will.
What do Executors have to do in the Event of my Death?
Executors need to locate your will. It is essential that you inform your executor where your will is kept. If required, they’ll be accountable for applying for probate, allowing the wishes outlined in the will to be fulfilled.
Executors also are responsible for handling the estate. Including activities such as;
- Closing your bank accounts
- Clearing debts
- Selling or transferring property allows everything to be divided between beneficiaries.
Alternatively, executors can choose to use an expert to manage the estate on their behalf.
Things to Consider Before Choosing your Executor
Workload
The thing to think about when deciding on your executors is the workload that is involved. If the estate is small and doesn’t need the sale of any property, a friend or family member can be used as the executor of your will. If more complex and requires the handling of properties, this may require a professional to administer your will.
Wellbeing
An essential thing to consider is the well-being of your executor. As well as dealing with the grief of the passing, planning the funeral and being an executor of the will – this can be a massive burden for someone to take on and should be considered when allocating your executor.
Cost
If you decide to designate a professional administrator service, there will be a charge involved in your estate management. Typically, this is an hourly rate or on a percentage basis.
Grahame Stowe Bateson provides various wills and probate services. Get in touch with us to find out more.
