Who Should I Choose as My Executors?

When planning for the future, few tasks in adulthood seem as daunting as writing a Will. Our Head of Private Client, Joanne, comments that she is often asked, "Who should I choose as my Executors?"

Joanne explains that, simply, an Executor needs to be over 18, and key considerations including availability, trustworthiness, and the potential for conflict need to be considered. Executors that you can trust, who will be capable of managing your estate and distributing assets according to your wishes, are paramount. Choosing an Executor — the person who will be responsible for carrying out your final wishes, including your funeral arrangements — is one of the most important decisions you will make in regard to end-of-life arrangements.

Whether you decide to select a family member, friend or professional, the importance of understanding the role and what is involved will ensure your estate is dealt with with care and respect. There are some key points for consideration which will assist you in making the decision as to who you wish to appoint:

An Executor is someone you can trust to carry out the wishes of your Will, such as collecting in and distributing your assets together with paying any of your debts and liabilities.

You can appoint as few as 1 or a maximum of 4 Executors, although it is recommended that you appoint at least two in case one is unable to act.

Executors may also be involved in arranging your funeral, especially if you have left specific instructions.

Choosing the right Executor is crucial to ensure that your wishes are carried out properly, to avoid any conflicts with family in the future or any delays.

What Is an Executor?

An Executor is the person you appoint and trust to deal with your estate when you have passed. You can think of them as stepping in to make sure that everything you have carefully planned for is carried out as you intended. This means collecting in your assets and distributing them to those people you wish to benefit. It can also mean paying off any of your debts and dealing with legal paperwork and finalising your tax position.

Why Is Choosing the Right Executor Important?

Selecting the right Executor requires thought about the skills and character of the individual chosen. Consideration around choosing someone who is trustworthy, dependable, and organised is paramount. They will have important responsibilities and will need to handle sensitive tasks.

You may consider those who have shown you in the past that they have strong organisational skills. They may also be a person who is familiar with your estate, as this often allows them to manage your affairs with an understanding of your financial and personal circumstances.

An Executor comfortable with handling financial documents or legal matters may take on the role with ease; however, they could also wish to seek guidance from a professional adviser who will be able to advise them through the process.

Below is a list of some of the main duties of an Executor which will guide you towards selecting the right person:

• Corresponding with anyone involved in the estate, including those inheriting from the estate and those owed money from the estate.

• Calculating the value of your estate.

• Calculating any inheritance tax that may be due and submitting the tax forms to HMRC.

• Applying for the Grant of Probate.

• Settling any outstanding debts on the estate.

• Selling or transferring property and other assets.

• Distributing the estate to the beneficiaries named in your Will.

Who Can Be an Executor?

As highlighted above, the role of an Executor can be carried out by a variety of people, including family members, friends, or professionals.

Often, family members or friends are a common choice due to their connection to you and because you already trust them. When you choose someone close to you, they often already know what your wishes are, and sometimes this makes it an easier choice.

Appointment of a professional Executor can be ideal if there are complex issues or high-value estates. Our specialist advisers at Endeavour Law are well-versed in lifetime planning and estate administration and will be able to advise you further.

How to Appoint a Will Executor

Being an Executor is an important role that carries considerable responsibilities. Not everybody will want to be an Executor, so before making a Will it might be useful to talk to your chosen Executors and ask them if they are happy to take on the role. Being an Executor can take time and dedication, and your chosen Executor might not want to take on this role. Knowing about being appointed at the time you write your Will means that it won't come as a surprise to them at a later date.

What Happens If Your Executor Cannot Act

For one reason or another, at the time of your passing, your named Executor may be unable or unwilling to act; this could be due to illness, mental incapacity, or the fact that they have predeceased you. In these situations, if your Will has not been updated, then one of your beneficiaries will be asked to step in and act as the administrator of your estate. This may not be the person you would have wanted to deal with your affairs. We recommend appointing more than one Executor to mitigate this risk; however, it is important to review your Will and make changes when necessary in these circumstances.

How Can We Help?

Some estates may be particularly complex with high net value and complex assets such as foreign assets or business assets. This can require specialist knowledge which is often beyond the scope and abilities of a layperson.

Some estates may also have issues with conflict between family members or missing members of family. Our private client department at Endeavour Law can assist you — we can be nominated as Executors and deal with the estate administration, or alternatively, we can be employed to advise the named Executors. Having the help of a legal professional can give you the peace of mind that your estate will be administered correctly.