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Executors - Who should you choose?

When making or reviewing your Will, one aspect that needs to be given careful consideration is who to appoint as your Executor/Executors of your estate.

Executors are the people who are over the age of 18 years who will deal with your estate after your death. You can choose whoever you like to do this job, but it is important to get it right.

The main role of an Executor is to collect in all of your assets, pay your liabilities and distribute your estate according to the terms of your Will. An Executor has many other duties and responsibilities, for example, they will have a duty to ensure that all assets are valued correctly; they will have to account for inheritance tax (if there is any to pay); sell assets; ensure that all money is distributed to the correct beneficiaries; complete estate tax returns and account for any income during the administration period.

Your Executors may also act as Trustee(s) for any minor beneficiaries or other trusts set up in your Will. This means that they have an on going role and have to manage the funds until the trust ends. This on going role may require complicated tax calculations on an annual basis. 

The role of being an Executor can be a burden and it can be a complicated job and it is not unusual for the process to take several months or even years. 

One of the main issues as to why people are reluctant to act as an Executor, is that they have a personal responsibility and if their actions result in a loss to the estate, they are personally liable. Executors are also personally liable for assets that are not correctly insured ie a property and if something should happen to the property, they are again personally liable for the loss to the estate.

This is why mosshaselhurst recommend that a solicitor is appointed as an Executor or appointed jointly with an Executor of your choice. Choosing a solicitor to act does make sense, as they know their way around legal, tax and property issues.

Another reason why it is a good idea to appoint a solicitor is that problems can arise during the administration period for example family members may challenge the legality of the Will or claims can be made under the Inheritance (Provisions for Family and Dependents) Act 1975, there could be a dispute between the Executors or beneficiaries could be missing.

For more information regarding Executors or making a Will please contact a member of mosshaselhurst’s Wills team on 01606 74301.