Who? What? When? - An overview of the executor’s role

Choosing your executors

The first thing to consider is what makes a suitable executor?  You can appoint any number of executors but a maximum of four can act at any one time.  We usually recommend choosing at least two executors or choosing a substitute executor if you only wish to name one main one.

Points to consider when choosing your executors include:

• Next generation – Appointing an executor from a younger generation makes it more likely that they will survive you and/or have the requisite mental capacity to administer your estate.
• Amicable relationships – When appointing more than one executor it is important that they have a good relationship and will be able to work together to administer your estate.
• Location – While an executor does not need to live locally to you, it is preferable that they are close enough to deal with aspects of your estate such as personal possessions and property. Appointing an executor who is not local or lives abroad, may cause practical complications in the handling of the estate. If you are relying on international post to send documents to the executor for signature during the administration, you may experience delays. It is also important to remember that executors may incur travel expenses which are chargeable to your estate.
• Time – the role of an executor can be time consuming and onerous. The study showed that 67% of people said the process took longer than expected. Instructing a solicitor to assist with the administration of the estate can help alleviate these burdens.

Informing your executors

We strongly recommend that you speak with your executors before appointing them, to ensure that they are not only happy to act but also understand their role and the responsibilities it bears. The study found that two thirds of legal professionals mostly rely on the executor’s knowledge and the documentation they provide to verify assets and liabilities, hence why it is key to keep your executors well acquainted with your estate.

Your executor ought to be aware that their role includes legal, administrative and tax responsibilities, such as valuing the estate, applying for the Grant of probate, dealing with the income tax and inheritance tax position, collecting in assets, settling any outstanding debts and administration expenses and distributing the remaining estate to the beneficiaries named in the Will.

If you’re unsure who you have chosen as executor of your Will, wish to review your Will or make changes, please get in touch with your usual Wealth Preservation team member.  Likewise, if you or your executors have any queries or concerns about the executor’s role and responsibilities, we would be happy to advise.