The appointment of Executors may be the most important appointment you ever make. An executor is the person or persons charged with the responsibility of administering your estate when you are no longer here.
Executors are appointed by your Will and must make sure the wishes stated in your Will are carried out.
Amongst their duties an Executor will be required to arrange your funeral, close your bank accounts, sell your house, apply for a Grant of Probate if necessary, and distribute your assets in accordance with your Will.
Executors have several other duties and responsibilities like reporting to HM Revenue and Customs with an Inheritance Tax return and must also report to HMRC for any income tax due.
You can appoint up to four executors and they must be people you know and trust. It is also important, if you only wish to appoint one Executor, that you appoint someone as a replacement just in case your first Executor fails to survive you.
It is always a good idea to speak to your chosen Executors before you sign your Will just to make sure they are happy to act in the administration of your estate.
Being an Executor is a serious task and not one they need to face alone. Your Executors may decide to instruct a solicitor to administer your estate on their behalf. This means that, for a fee, the solicitor will carry out all the duties of the Executor on their behalf.
Equally, you may appoint the Solicitor who has drafted your Will to act as the Executor for your Will. By doing so you are guaranteeing that your wishes will be carried out exactly as you wish and you will have peace of mind that no liability will rest with any family members for any disgruntled family members or in respect of any liabilities which have not been correctly dealt with by your Executor.
If you have been appointed as an Executor of a Will and are not sure what steps you need to take or if you do not feel that you can face the process our solicitors can help you. Contact us now on 01257 686386.