Appointing an Executor
Executors are your nominated representatives who look after your estate after your death. As part of Stuart and Stuart’s advice process we will ask you to appoint an executor(s) in order that this can be recorded in your Will.
Being named as an Executor of a Will brings with it complicated and sometimes onerous duties when someone dies. The process can often take months to complete. Choosing the right persons is important because the Executor is legally responsible for administering the estate according to the wishes of the Will.
You should think very carefully about who you appoint taking into account the duties and responsibilities you will be asking this person to accept on your death. Although not a legal requirement, we would recommend that you seek permission from your intended executor to make sure they understand their duties and agree to act for you as your executor.
Dealing with the estate often takes months to complete. It is important to choose the right executor because they are ultimately personally responsible for ensuring that the estate is dealt with correctly.
The responsibilities include:
• In gathering all the assets of the estate
• Valuing the estate
• Applying to the court for Confirmation
• Ensuring all debts, inheritance tax, income tax and capital gains tax are paid
• Distributing the remainder of the estate in accordance with your Will
• Providing a copy of the Estate Accounts to the beneficiaries
When giving thought to who you would like to appoint as your Executor you should consider whether the individual is honest and trustworthy and business- like and ensure they are willing to take on the responsibility. It usually makes sense to appoint someone younger than you as it increases the possibility that they will out-live you.
Here are some options for you to consider:
• One or more family members or friends.
• A Professional Executor
• A combination of both
Some people decide to use professional executors to ensure that their estate is administered by an experienced expert thus removing the responsibility from friends or family during a very difficult time.
It is important to note that we charge for our legal services and not for being executors. It does not cost any more to have a Solicitor as an executor.
Appointing Stuart & Stuart’s nominee Company as an Executor brings the advantage of having your estate administered by experts who take on full responsibility and liability for winding up your estate.
Our Will writing service is impartial and it is not a condition of this service that you appoint us as Executor.
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