When drafting your Will, choosing your executors is a key decision and one which is not always given sufficient thought.
What does an executor do?
Executors are responsible for administering your estate after you die. This involves:
- identifying and gathering in all the assets
- paying off any outstanding debts such as credit cards and mortgages
- reporting to HMRC and calculating any inheritance tax, as well as any capital gains and income taxes if applicable
- obtaining the Grant of Probate
- advertising for any creditors
- producing detailed estate accounts and making distributions according to your Will
How should you choose?
If you particularly want a certain friend or family member to be executor but also want the expertise of a professional, it does not have to be one or the other. In some cases it can be advantageous to choose a combination of both. In deciding, some key factors to consider are:
- Bereavement – Lay executors are often mourning the loss of a relative or friend at the same time as managing administrative executor's duties. By choosing a professional, this emotional complication is removed.
- Technicalities – Professionals are well equipped to deal with complicated trusts and tax-related matters. The more complex an estate, the more the chance that a lay executor may find themselves instructing experienced advisors in any event.
- Disputes - If there is a prospect of a dispute arising on your death between family members then a professional executor will be equipped to deal with this, whereas a lay executor may be a party to the dispute themselves and struggle to stay neutral.
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