You’re already well aware of how important it is to make a will. This legally binding document should not only clearly set out the people (or organisations) you would like to benefit from your estate (the money, property and other possessions you leave behind). It must also state who you would like to carry out your wishes after you have passed away.
The person who is legally responsible for implementing the contents of your will is known as an Executor. When you draft your will, you must name at least one person to fulfil this role. You can have up to four Executors, in which case all decisions must be agreed by all parties.
It’s usual to name at least two Executors, in case one is unable to carry out their duties. An Executor can be anyone of sound mind who is at least 18 years old. This can include anyone who stands to inherit something from your will, such as a spouse, child or someone else from your family.
If you are planning to make a friend or family member an Executor, it’s a good idea to tell them beforehand, explaining what’s involved because there are quite a lot of responsibilities.
If your chosen Executor is not keen on the idea, or if you feel that there simply isn’t anyone in your family or circle of friends who is suited to the role or who would want to carry out your last wishes, you can appoint a solicitor to be the Executor of your will. It’s a choice plenty of people make, particularly if their estate is large or complex, or if they suspect someone may contest the will.
Whatever your circumstances, there are many benefits associated with appointing a solicitor to the role of Executor:
Wayman & Long Solicitors are trained in all areas of estate administration. They will provide a reassuring and professional presence, guiding your loved ones through a complicated process at a time when they will likely be coming to terms with their loss.
The role of Executor is challenging and time-consuming. Some of the important tasks that an Executor of Wills is required to carry out include:
Not everyone wants to take on these responsibilities, especially whilst they are grieving, which is why many people choose to appoint a solicitor. An Executor who is a legal professional will spot any potential pitfalls early in the process and ensure your wishes are carried out to the letter with minimal hassle for your named beneficiaries.
If your estate is large or the terms of your will complex, it’s usually a good idea to appoint a solicitor as Executor to navigate what could potentially be a legal minefield. The last thing you want is to leave your family with an extensive list of complicated estate-related tasks to carry out.
If there’s a chance that the terms of your last will and testament are going to be disputed and contested, having a solicitor as Executor will ensure that a legal professional guides everyone through the difficult process in accordance with the law.
If you want to leave your entire estate to charity, it’s unlikely that a friend or family member will be prepared to take on the responsibility of being an Executor, as their time and work is not going to be rewarded. In such circumstances, appointing a solicitor to carry out your last wishes is often the best solution.
Sole Executor: You can hire a named solicitor to be your only Executor.
Joint Executor: You can hire a solicitor to work alongside your other Executors. In this case, the purpose of hiring a solicitor is to provide the other Executors with professional support and assistance regarding legal matters associated with the estate, including potential litigation.
Firm Of Executors: Instead of a single solicitor being named as Executor, you can appoint a firm of solicitors to the role. This will ensure there’s always a professional within the firm to fulfil the responsibilities.
Support Executor: Any Executor you appoint can ask for help from a solicitor at any time during the estate administration process.
A solicitor will charge a fee for their services which will be paid for using the assets in your estate. To give you an idea of costs, the Executor fees we charge here at Wayman & Long average between 3% and 5% of the gross value of the estate plus VAT and disbursements (services carried out by third-party suppliers with costs set out by them).
If you wish to appoint us to carry out the wishes stated in your will, please contact us today. Our team of compassionate legal experts are ready to discuss your needs with you in confidence, and all our fees are totally transparent. You can call us on 01787 277375 or email us at enquiries@waymanandlong.co.uk. Alternatively, book a consultation via our online form.
We can help you with all aspects of estate planning, including creating your will, minimising the impact of inheritance tax on your estate, and guaranteeing that your assets are passed on to whoever you wish to receive them.
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