Choosing an Executor - What do you need to know?

Your executor will be responsible for taking care of your estate and carrying out your wishes after your death, ensuring your chosen beneficiaries receive their inheritance.

The probate process can be lengthy and the job of being an executor can be time consuming. An executor can have a number of responsibilities which may include;

Arranging your funeral Obtaining a Grant of Probate Completing an Inheritance Tax Return and arranging payment of any tax due Selling or transferring shares and property Paying any liabilities or debts of your estate including any mortgage or equity release on your property.  Valuing and distributing your personal possessions

Calculating and paying any income tax or capital gains tax liabilities Claiming any pension or insurance funds due Closing bank accounts and cashing in premium bonds or other investments Distributing your estate to your chosen beneficiaries Dealing with potential claims on your estate

Who can act?

A common misconception around appointing executors, is that an executor cannot also be a beneficiary. This is incorrect, an executor can also be a beneficiary of your Will and it is quite common to appoint a executor who is also a beneficiary.

Anyone that is over the age of 18 can act as your executor and you can appoint a maximum of 4 executors to act at one time. Any executors that are appointed will act jointly and will therefore be equally responsible for administering your estate.

It is also possible and certainly advisable to appoint replacement executors who will act if your original executors are for any reason unable or unwilling to act.

If you believe that it is likely that there will be a dispute regarding your estate following your death, for example, a family member has been excluded and they will be unhappy about this, then you may wish to consider whether you would want to appoint a professional executor. The professional executor will not be emotionally or financially invested in the outcome of the dispute and will therefore be able to act impartially when dealing with the dispute to ensure your wishes are carried out.

Your executor should be someone that you trust to deal with your finances and to ensure that your chosen beneficiaries receive their intended inheritance yet also someone that you feel would act fairly and protect your wishes if a dispute should arise during the administration of your estate. It is helpful if your executor is good with finances and paperwork but this is not essential as they can always instruct a professional to assist if they wish.

If you would like to discuss choosing an executor or making your Will please contact Jasmin Barron on 01394 277941 or at jasmin@fairstep.co.uk, alternatively  fill out our contact form, and we would be happy to discuss your requirements in further detail.