Executors
These are the people appointed to administer and manage your
estate after you die.
They handle every part of the administration of
the Will and can be liable for any loss as a result
of their actions. While the minimum number of Executors is only
one, it is prudent to nominate 2-4 people. Choosing someone whom
you trust is very important, and you should make sure they are
proactive and will not crumble under the burden of responsibility
that being an Executor brings.
Other qualities you should take into account when considering
candidates for Executors is their ability to cooperate and work
with your beneficiaries, and the amount of time they may have to
devote to the execution of your Will. The best choice is not
necessarily your spouse, children or friends, so think carefully.
Some people choose professional organisations as Executors if they
are unsure of the ability of the aforementioned people to execute
the Will effectively. If you do decide to use a professional
organisation, make sure that you choose a company with proven
integrity and quality of service.
An Executor will be responsible for:
- Establishing all the assets of the estate;
- Dealing with the paperwork and calculations;
- Paying all the debts, liabilities and taxes and the various
expenses, such as funeral costs;
- Distributing all the property that remains in the estate in
accordance with the terms of the Will - paying legacies,
transferring particular items of property to beneficiaries and
paying out the residue of the estate.
Once this has all been completed, the Executor's job is done.
However they may continue to work as a trustee, if, for instance,
some money has been kept until a minor reaches the age of 18.
Before contacting
us to draft your will, please make sure that the nominated
Executors knows of their responsibility and are happy to act.