Tips for Choosing the Right Executor for Your Will
Crafting your will can be confusing as it is; there’s so much to consider, and it seems as though something will inevitably be missed. One aspect that can’t be overlooked is the appointment of an executor(s). Executors of a will have a number of responsibilities, making it one of the most important roles referenced in a will.
Due to the scale of the responsibility, not everyone will want to be an executor. Therefore, before you go about making your will and appointing your executor(s), you should start by thinking about who the right person or people for the job would be. If you’re unsure of what this entails, you might use a will writing service, Norwich, or wherever you’re based in the world. Despite this, there are a few helpful tips you can follow to help you choose the right executor(s) for your will, as detailed below.
Discuss with Your Chosen Executor
As previously mentioned, being an executor of a will is a huge responsibility, meaning not everyone will be keen to take on this task. Therefore, it’s of paramount importance that you communicate with your potential executors(s) before anything is set in stone. You’re allowed to choose as many as four executors when making a will, and you should ensure that each of these is happy to accept the responsibility. Executors are sometimes required to put a lot of work in, meaning it’s important not to burden someone with this task if they’re not ready for it. Essentially, your chosen executor(s) should never be surprized by you choosing them.
Only Appoint Trusted Individuals
A will is all about what happens to your assets, with some of these being both emotionally and financially valuable. Due to the value of these items, it’s essential that you have trust in the person handling them. You need to be able to rest assured that they’ll act in the best interests of the estate rather than using the will for their own personal gain. It’s for this reason that you might select an executor(s) who isn’t a beneficiary of the will at all. The most important thing to ensure about an executor(s) is that you can trust them.
Consider Whether They Have the Time
As previously mentioned, executors can be required to carry out extensive work in this role. Therefore, you need to ensure that your chosen executor(s) has time to fulfil this duty. The whole process is very time-consuming, taking an average of nine to 12 months to complete. For more complicated estates, though, it can take even longer. In fact, being the executor of a complicated estate can almost be the equivalent of a full-time job. If someone is already struggling to have any spare time, the last thing you want is to put the responsibility of being an executor on their shoulders.
Think About a Professional Executor
Speaking of complex estates, if yours is particularly complicated, you might think about using a professional executor instead of a loved one. Professional executors will be better equipped to handle inheritance tax, sell properties, and locate foreign assets. For a layperson, this will be confusing and stressful, as they won’t have the specialist knowledge to do so. Similarly, the use of a professional executor removes bias, meaning that they will act solely in the best interests of the estate. If you’d like a balance between personal and professional bodies, you might have more than one executor to ensure that everything is carried out to your liking.
Essentially, you want your executor to be capable of carrying out each of your dying wishes.