I am thinking of making a Will. Who can I choose as Executor?
Who to choose as an Executor in your Will is an important decision. You need to choose (1 or more) people who you trust to follow the instructions laid out in your Will. In addition they need to be sensitive if there are disagreements. If necessary, they need to be able to find fair solutions to any problems arising.
The Executor/s are named in your Will as authorised to deal with your affairs after your death. They will apply for a ‘Grant of Probate’ from the Court. This Grant is a legal document which confirms that the Executor/s have the full authority to deal with your estate.
People often underestimate the time and work involved in becoming an Executor, choose someone who will be committed and act responsibly. It can be quite a lot of work for one person, so the rules allow you to choose up to four Executors so that the work can be divided up. However, it is not always advisable to have as many as four, as they need to act jointly and as such logistical problems may arise with more people involved during the decision making process.
It is helpful if your Executor is organised and good with paperwork. This is because it is essential that the Executor keeps full, clear records of all transactions and decisions made on your behalf. The beneficiaries of the Will, creditors or the Court can request to see these records, there could be confusion or suspicions raised if the records are incomplete or imprecise.
It is also useful if the Executor is good at managing the legal issues, such as; ensuring the correct Inheritance Tax, Income Tax and Capital Gains Tax is paid, or issues related to any properties owned by yourself
Think very carefully before appointing your spouse/ partner as sole Executor. They will be dealing with your death and the additional worry of completing all the tasks required of an Executor may be overwhelming.
If you die without leaving a Will, you will be Intestate. Therefore, decisions regarding how your estate is divided or matters regarding your children will be taken away from you and dealt with via rules laid out in legislation. It is important not to put off making a Will. Making a Will is not expensive or time consuming and can be completed in the comfort of your own home.
Gerard James Estate Planning Limited can visit you at a time to suit yourselves at your own home. We will meet initially to talk through your requests, your Will shall then be prepared in draft and emailed to you. If complicated clauses arise, a second meeting would be scheduled at that time. Once you are happy with the draft, the documentation would be drawn up and a meeting arranged at your home for the Will to be signed and witnessed. The cost for this process is £125 for a single Will or £200 for standard mirrored Wills for a couple.
To arrange the writing of your Will, contact Gerard James Estate Planning on 07905 748073 today