The role of an executor involves carrying out the instructions in a person’s Will after their death.
This includes managing the deceased’s estate, distributing assets to beneficiaries, and handling any outstanding debts or taxes. Executors play a crucial role in ensuring the deceased’s wishes are fulfilled.
How many executors do you need?
There’s no strict limit on the number of executors a person can appoint. However, it’s common for individuals to choose one or two executors to avoid complications. Having multiple executors can work, but it may require coordination and decision making among them, potentially causing delays or disagreements. It’s important to note that an executor must be at least 18 years of age, be of sound mind, not bankrupt and have no criminal convictions.
Choosing an executor
When choosing an executor for your Will, consider someone trustworthy, organised, and responsible. It’s often a good idea to select someone who is familiar with your financial and personal affairs. Discuss your intentions with the chosen executor beforehand, to ensure their willingness to take on the role. Keep in mind that age and location are also factors to consider. Review your choice periodically and update it if necessary, to reflect any changes in relationships or circumstances.
Responsibilities of an executor
- Identify and locate assets and liabilities of the estate Apply for a grant of probate
- Advertise for claims and ensure all claims and debts are received, assessed and paid
- Deal with tax returns and pay any inheritance tax due
- Determining the beneficiaries
- Distribute the estate in accordance with the terms of the will and transferring assets to trustees and beneficiaries if necessary
- Defend the estate against litigation should it arise.