Choice of Executors
When making a Will, just as important as to who is going to benefit, is the choice of Executors.
Your Executors are the people who are going to be responsible for the carrying out your wishes as set out in the Will.
If there is an ongoing Trust, then these Executors could have responsibilities for many years.
Factors you need to consider are:-
- Who do you wish to really know about your affairs?
- What are the ages of the Executors? Not just their ages now but what happens if you live for say 20 years.
- The ability of your chosen Executors to carry out the task.
- The desire of your Executors to carry out the task.
- Are there any potential conflicts? Will there be decisions need to be made which could put one Executor against the other?
Ideally you need two Executors, although you can have up to four, and they must be aged over 18.
Should you have a professional trustee, such as a company? We have G H Trustees Ltd to act as your Executor if you wish.
We know that some firms offer wills at a cut price to have the opportunity of putting themselves down as Executors. Our view is that it depends”. If you are confident your chosen Executors can carry out your wishes then do not bother with a professional executor. If you think they need strong support or there will be disputes between them, then a professional trustee is worth considering.
If there is say an ongoing discretionary trust then a professional trustee would help ensure that the trust complies with the appropriate tax and legal responsibilities.
As we work with you to make your Will, the choice of Executors will be discussed with you in great detail.
Note:
This article is written by Barry Jefferd, Director of G H Wills Ltd. For help and assistance relating to Wills, please contact Barry Jefferd on 01480 326500 or email barry.jefferd@georgehay.co.uk, or our Wills Manager, Carol George on 01480 426500 or email carol.george@georgehay.co.uk.
