When making or updating a Will, you need to give careful consideration as to whom you appoint as your executors and trustees. Your executors will be tasked with dealing with your estate (collecting in your assets, discharging any liabilities, dealing with and paying tax and making distributions to beneficiaries) and following the instructions set out in your Will. They will also become trustees of any trust that is established under the terms of the Will.
Being an executor can be fairly, onerous depending on the size and complexity of the estate. It is sensible to choose someone who is fairly organised and astute, and it must, above all, be someone you trust.
Anyone over the age of 18 can be appointed as an executor, and beneficiaries of your Will can also be executors. This is fairly common, particularly since they will have a vested interest in dealing with the estate.
You should consider appointing more than one executor, in case one of them has died before you or is unable or unwilling to act.
In some cases, it is advisable to name a professional executor, such as a solicitor, to either act alone, or alongside other executors. This is particularly sensible if the estate is likely to be very complex or if there could be any conflict between the executors or among beneficiaries named in the Will.
Professional executors will charge for their time and their fees will be treated as a liability of the estate.
If you would like to discuss writing or updating your Will, or would like more information about naming CooperBurnett LLP as an executor, please contact a member of our Private Client team on tel: 01892 515022.
This blog is not intended as legal advice that can be relied upon and CooperBurnett does not accept any responsibility for the accuracy of its contents.
