Choosing the Right Executor for Your Will: What you need to know

When you make a Will, you're carefully putting your wishes down on paper – detailing who you want to inherit your assets, who you'd like to look after your children, and so much more. But have you thought about who actually takes charge of everything after you're gone? This crucial role falls to the person, or people, you appoint as your Executor.

Their legal responsibility is significant: they gather all your assets – that's everything from your property and bank accounts to your investments and personal belongings. They then use those assets to pay off any debts, bills, and taxes, including Inheritance Tax if it applies. Finally, they distribute what's left – the inheritance – to the beneficiaries you've named in your Will. Essentially, they 'execute' the instructions you've left behind. Choosing your Executor carefully is one of the most important decisions you'll make when writing your Will.

It really helps make the process much smoother for everyone involved during what is inevitably a difficult time, providing peace of mind for you and your loved ones.

Who Can You Appoint as an Executor?

Your Executor must be aged 18 or over and have the mental capacity to take on the role. The most common options are:

• Family and Friends (Lay Executors): This is a very popular choice. It could be your spouse or partner, adult children, siblings, or trusted friends.

• Professionals: You can appoint professionals, such as solicitors, professional Will writers (like Westwood Estate Planning), or accountants, who bring specific legal and financial expertise.

• Trust Corporations: These are specialist companies, often associated with banks, set up specifically to act in this capacity.

How Many Executors Should You Appoint?

You can name just one Executor, but it's often wise to appoint two or more. This helps share the workload and provides a backup if one person is unable to act when the time comes. It's also a good idea to name substitute Executors in your Will – for example, "I appoint A and B, but if either of them cannot act, I appoint C". Just be aware that legally, only up to four Executors can apply for the Grant of Probate for the same assets.

Key Factors to Consider When Choosing an Executor

Now, let's look at the key factors to consider when making your choice. Thinking through these points will help you select the 'best in class' Executor for your unique situation, addressing potential 'problems' before they arise:

• Trustworthiness: This is absolutely paramount. Your Executor will have control over all your assets, so you need complete confidence in their integrity.

• Willingness and Ability: Are they genuinely happy to take on this responsibility? It's vital you ask them first! Do they have the necessary skills – organisation, handling paperwork, dealing with official bodies? Do they have the time? Even for relatively simple estates, the process can take many months. And are they resilient enough to handle potential stress or complex family dynamics?

• Location: Ideally, being based in the UK makes administration easier, although it's not strictly essential. Dealing with UK assets from abroad can just add layers of complexity.

• Age and Health: Consider their age and health relative to yours. Are they likely to be around and capable when needed? This is another reason why appointing substitutes is a good plan.

• Potential Conflicts of Interest: It's very common for beneficiaries to also be Executors – for example, a spouse or adult children. However, if you're appointing just one beneficiary out of several (say, one child out of three), consider if this could potentially cause friction with the others. Sometimes, an impartial Executor can be helpful to avoid disputes.

• Complexity of Your Estate: If your affairs are relatively simple – perhaps just a house and a bank account – a lay Executor might manage perfectly well. But if your estate is more complex, involving business assets, overseas property, complex trusts, or if you anticipate potential disputes, professional expertise might be highly beneficial.

Lay vs. Professional Executors: A Comparison

To help you weigh your options, here's a brief comparison of lay versus professional Executors, addressing the 'versus and comparisons' aspect directly:

• Lay Executors (Family and Friends):

  • Pros: They don't charge professional fees (though they can claim reasonable expenses). They know you and your family well, offering a personal touch.

  • Cons: They may lack the necessary legal or financial expertise, or simply not have the time. The process can be emotionally difficult for them, and there's potential for family friction if not handled carefully.

• Professional Executors (Solicitors, Trust Corporations):

  • Pros: They bring extensive expertise, impartiality, and efficiency, especially with complex estates. They are also insured, offering an extra layer of protection.

  • Cons: The main downside is that they charge fees, usually based on the time spent or a percentage of the estate value. If you appoint a professional, your Will needs to include a clause authorising these fees to be paid from your estate.

Crucial Final Step: Always Ask First

One absolutely crucial final step: Always speak to your chosen Executor or Executors before you name them in your Will. Confirm they understand the role and are willing to accept the responsibility. It's a big ask, and it's only fair to get their agreement first.

Conclusion and How Westwood Estate Planning Can Help

In summary, choosing your Executor is a significant decision that impacts the smooth administration of your estate and the peace of mind of your loved ones. Think carefully about who you trust implicitly, who is capable of handling the practical and emotional aspects, and what the specific needs of your estate might be. It's a lot to weigh up, and it's a point we always discuss fully with clients.

If you'd like to talk through the best options for your specific situation, Westwood Estate Planning is here to help.

We offer an empathetic and simple service, guiding you every step of the way. Leave the complication to us, and the clarity with you - that's the promise of Westwood Estate Planning, making estate planning clear and easy for you.

Ready to take the next step? If you have questions about choosing your Executor or want to understand how Westwood Estate Planning can assist you with your Will, please book a complimentary, no-obligation 15-minute chat with us today (book here: https://calendly.com/westwoodep/chat). We're here to help you protect your future and your loved ones.