In our last article we looked at the need for an Executor to a Will. Your Executors are the people you nominate to look after your Estate after you have died. Their main role is to administer the estate, dealing with your assets and distributing to beneficiaries.
You can name up to four Executors, all of whom must be over 18 years of age. You can choose to have a sole Executor, but we would always recommend two in case your one nominated Executor is unable to act.
It is important to consider carefully your choice, as the individuals you nominate will be responsible for running your estate.
An important, often overlooked consideration is the age of your Executor/s. You may have some really good friends you wish to appoint, but it’s worth thinking about whether or not they are likely to outlive you, or indeed whether they will have capacity to act when the time comes.
Most people choose family members which, whilst you might think would be fairly sensible most of the time, can be problematic if they don’t see eye to eye.
Our Probate team are currently working on two estates which have carried on for a significant period of time, because in each case one sibling has brought the process to a halt.
If friends and family are not a feasible option for you, the other alternative is to nominate professional trustees. At George Hay, whilst we refrain from pushing ourselves into this role, unlike many firms of solicitors, we do offer our services as Executors.
Particularly where there is an ongoing trust, a very large estate, or room for potential family disputes, we can, appointing us can be a safe bet. We only charge for our time spent and do not, for example, charge a percentage of the estate.
If someone has appointed you as an Executor, it is an important role. It comes with personal liability, so it is important to take professional advice.
When drafting Wills for our clients, we ensure that the nomination of an Executor/s is an important part of our discussion.
For advice on your Will contact Barry Jefferd or Carol George on 01480 426500 or email wills@georgehay.co.uk.
GH Wills Ltd is a company controlled by the members of George Hay Partnership LLP.
