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Naming, or being named an executor of a will is an important responsibility. It means becoming familiar with the many responsibilities that being an executor entails. So who can be named as an executor, and can you renounce an executorship? We will answer these and many more questions in this post. Write a will<\/a>.<\/strong><\/p>\n When you write a will,<\/a> you will need to nominate \u201cexecutors\u201d; these are the people you nominate to carry out your wishes after you die. They will be responsible for winding up your affairs and administering your estate after you\u2019ve died. This includes applying for a grant of probate (if needed), selling and transferring assets, paying off any liabilities, and distributing your estate according to your wishes. Read about the different types of will available here.<\/a><\/strong><\/span><\/p>\n There is a lot involved in being an executor, and choosing who to appoint is an important decision.<\/span><\/p>\n For initial advice about how to write a will, call our will writers today on 0)161 528 4200<\/b>\u00a0<\/b><\/p>\n In England and Wales an executor must be over 18 when you die. They must also have the mental capability to do the job. Your executor could be a friend, family member or a professional (such as a solicitor).\u00a0<\/span><\/p>\n There\u2019s no rule against people named in your will as beneficiaries being your executors. In fact, this is very common.<\/span><\/p>\n Up to four executors can act at a time, but they all have to act jointly. So it might not be practical to appoint that many people.<\/span><\/p>\n It\u2019s a good idea to choose two executors in case one of them dies before you do. Another issue might be that they \u2018renounce probate\u2019 if they do not want the job. If an executor dies, any other surviving executor(s) can deal with the estate. It is possible to name a replacement executor in your Will in case one of the executors cannot act.\u00a0<\/span><\/p>\n The role of an executor is a serious one which carries a lot of responsibility. It must be someone you trust.<\/span><\/p>\n What is probate? \u2018Probate\u2019 is the term used to describe the legal and financial processes involved in dealing with and distributing the assets of a person who has died. Sometimes permission must be sought in order to distribute their estate in accordance with their will or clear their debts.<\/span><\/p>\n The person who carries out probate duties is known as the \u2018Executor\u2019, and they are usually named in the will.\u00a0<\/span><\/p>\n The necessity of probate depends entirely on the <\/span>value of the assets<\/b> and the <\/span>way in which assets were held<\/b> (in joint names or in the deceased name only). <\/span>Probate is often necessary if a property<\/a> was owned and\/or money was held in certain bank accounts. Most financial institutions have set limits above which probate is required.\u00a0<\/span><\/p>\n Generally speaking, probate<\/a> is usually required when a person who dies owned one or more of the following:<\/span><\/p>\n Not everybody will want to be an executor. Before making a will, think carefully about who you are going to appoint. To help you decide, here are some tips for appointing executors:<\/span><\/p>\n <\/p>\n You are able to choose up to four executors. Before you write a will, have a conversation with each of your chosen executors. Make sure they are happy to take on the role. Being an executor can be a lot of work. Some people might prefer not to be appointed. If they are willing, the fact that you have spoken with them means it will not come as a surprise in the future.<\/span><\/p>\n An executor will need to deal with your personal assets, things that hold significant financial and emotional value. Also, executors have a legal duty to act in the best interests of the estate, not their own personal interest. For these reasons, you must appoint people you trust<\/span><\/p>\n Some estates will be particularly complex. There may be Inheritance Tax to pay, properties to sell, or foreign assets to deal with. This can require specialist knowledge and take up a lot of time.<\/span><\/p>\n There can also be conflict between family members. Each may have differing opinions on the correct approach to take. If you think a neutral third party dealing with your estate would be beneficial, you can always nominate a legal professional in your will to act as an executor.<\/span><\/p>\n Alternatively, your executors may seek help from specialist <\/span>probate<\/span><\/a> solicitors after your death to assist with the administration of the estate. Having the help of a legal professional can give you the peace of mind that an estate is being administered correctly, removing the responsibility from family and friends.<\/span><\/p>\n Sometimes an executor will no longer be able to carry out the role. In these situations, it is important to <\/span>update your will <\/span><\/a>to reflect the change in circumstances. Otherwise when you die, one of your beneficiaries will be asked to step in to do this work instead. This may not be the person you would have wanted to deal with your affairs.<\/span><\/p>\n We recommend appointing more than one executor to mitigate this risk. An executor may be appointed to administer the estate either solely or jointly with another person. If an executor is appointed to act alone, it’s still possible to name a second person as a substitute executor, who can step in to act if the first executor is unable to.<\/span><\/p>\n If multiple executors are appointed to act jointly, this means they all need to make decisions together. Another option is to appoint multiple executors to act ‘jointly and severally’ meaning they can make decisions together and independently of one another.<\/span><\/p>\nWhat Does It Mean To Execute A Will?<\/span><\/h2>\n
Who Can Execute A Will?<\/span><\/h2>\n
What Is Probate?<\/span><\/h2>\n
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Tips On Appointing Executors<\/span><\/h2>\n
1. Talk To The Possible Nominees<\/span><\/h3>\n
2. Appoint People You Trust<\/span><\/h3>\n
3. Consider A Professional Executor<\/span><\/h3>\n
What An Executor Cannot Act?<\/span><\/h2>\n