You can choose an executor when you write a will – someone who makes sure that the instructions in your will are carried out as requested.
Being the executor of an estate can be a complicated process. If you were to pass away, your executor would need to:
You can name a solicitor (they may charge for this) or choose a trusted friend or family member, as long as they are over 18 and of sound mind.
An executor can also be a beneficiary in the will – someone who’ll receive inheritance.
If the chosen person is unable to fulfil their duties due to illness or personal circumstances, the courts may appoint a suitable replacement. A government official known as a Public Trustee can also step in as a last resort.
Executors can witness a will but only if they are not a beneficiary.
You can name up to 4 people as executors of your will if you wish.
Having more than one person helps share the responsibility of carrying out your last wishes. However, be mindful of the potential problems of having multiple executors who may disagree.
Think carefully about who you choose to make sure they are suitable and capable for the task.
If the first executor is unable to carry out the duties, the second executor could step in.
If only one executor is named and they pass away before probate is granted, it’s usually a beneficiary of the will or someone they instruct to act on their behalf, like a solicitor, who will take on the responsibility and finalise the administration of the estate.
An executor account is a way of keeping the estate finances separate from those personally owned by the executor. This avoids confusion over who owns what.
The executor can use this account to keep all the assets of the deceased in one place, making it easier to handle ongoing expenses, such as property maintenance or outstanding bills.
Beneficiaries of a will must be paid in a specific order. Anyone named in the will to receive a particular cash sum will be paid first. These types of payments are known as ‘specific gifts’. After this, the remaining value of the estate can be divided between any beneficiaries. This is called the ‘residuary estate’.
Beneficiaries can only be paid once all the estate’s debts are settled. They may also have to wait at least 6 months to allow time for any claims against the estate to be resolved.
