Whom should I designate as the executor of my will?
An executor is responsible for carrying out the instructions outlined in your will after your passing, managing financial matters, and addressing any tax obligations. The complexity can increase with numerous assets and properties, making it prudent to appoint someone astute, who can seek professional assistance if needed.
Who is eligible to be an executor?
Any individual over 18 years old can serve as an executor, and it is acceptable for them to also be a beneficiary in your will. You can appoint up to four executors, but joint decision-making may simplify matters. It’s advisable to have more than one executor in case of incapacity. Alternatively, professional executors like solicitors or accountants can be appointed, but keep in mind they will charge for their services.
How do I choose my executor?
Many married couples select their spouse as the executor, given the implicit trust. However, considering unforeseen events, having a second executor is wise. Some appoint their children, either as replacements or to make joint decisions with their spouse. If children are deemed immature, it’s safer not to appoint them immediately, and professional advice can be sought in the absence of experience.
For sizable estates, a professional executor, such as a lawyer or accountant, may be preferred. They can handle probate paperwork and tax matters, potentially alleviating the burden on family members. Ensure their charging methods are reasonable before formal appointment.
How do I formally appoint them?
Simply express your desire to appoint them as your executor in your will, including their full name and current address. If multiple executors are appointed, specify joint action. They can also be named beneficiaries but must not witness your will’s signing to avoid invalidating their gift.
Should I inform them?
In most cases, it is advisable to inform your executors of their appointment, providing details on the location of the original wills. Sharing a photocopy for their reference is acceptable. Keep updated addresses to locate them if needed in the future.
Disclaimer
An article of this kind can never provide a complete guide to the law in these areas, which may be subject to change from time to time. The opinions and suggestions made within this article should not be interpreted as specific advice in relation to any particular individual or individuals. Neither STEP, the article author or their firm accept responsibility for any loss occasioned by someone acting or refraining to act on the basis of the opinions and suggestions contained in this article.
Content on this site is relevant to the UK, with jurisdictional differences within the UK noted where appropriate. Laws and processes vary from country to country and information should always be sought in relation to your specific jurisdiction.