Many people designate their children, spouse, or civil partner as executor of their will. Some pay companies to do it on their behalf. When applying for probate, a legal process that grants you the authority to manage a deceased person’s affairs, at least one of your executors must be older than eighteen. This is your guide on choosing who to act as your executor.
The Rules
While there is significant freedom when choosing your executor or executors, there are some fixed rules. These include:
- No law prohibits beneficiaries included in your will from serving as your executors.
- Although a person under eighteen may be named as executor in a will, they will not be able to seek probate until they turn eighteen.
- Two executors are needed if the minor (under 18) has a life interest in any of the assets included in the will or is also a beneficiary.
- A maximum of four executors may function concurrently, but they must all act in together. Therefore, appointing so many people could not be feasible.
Things to Consider
- It is a good idea to designate two executors in case one of them passes away before you do or to “renounce probate” if they are unwilling to take on the role. Any surviving executor or executor may handle the estate in the event of an executor’s death. If one of the executors in your will cannot act, you can choose a substitute.
- Although it incurs fees, some people decide to have a professional executor—such as a bank, account, solicitor, or probate/estate administration specialist—act on their behalf. Although involving someone with specialised knowledge is beneficial, your executors can always hire experts at the last minute to assist them if necessary, which could be more economical.
- If your first choice passes away before you do, you can choose replacement executors to take over.
Trust is Important
A person named in your will may still serve as your executor, but they are not permitted to serve as an official witness. Above all, you need to pick someone you can trust. Your executor will carry out your will’s directives and resolve any disputes fairly. While not necessary, it is beneficial if your executor is adept at handling paperwork and legal matters. If required, they can designate experts to assist them at the moment.
To inquire about drafting a will, get in touch with Braintree Wills.