Executors: Who Should You Choose And What Could Go Wrong?
One of the most important decisions in any Will is often the one people spend the least time considering.
When making a Will, most people focus on who should inherit their estate. But choosing the right executors is just as important. After all, the best drafted Will in the world still needs someone capable of carrying out its instructions.
What is an executor?
An executor is the person responsible for administering an estate after someone dies.
Their role may include:
- Registering the death.
- Identifying assets and liabilities.
- Applying for Probate where required.
- Paying debts and taxes.
- Distributing assets to beneficiaries.
- Dealing with HMRC, banks and other organisations.
Depending on the complexity of the estate, this can take many months and sometimes considerably longer.
Who can be an executor?
Most people appoint family members, friends or trusted advisers.
There is no single right answer. The important consideration is whether the person chosen has the ability, willingness and practicality to carry out the role.
Being trustworthy is important, but so is being organised, communicative and capable of dealing with paperwork and decision-making.
Should you appoint more than one executor?
Many people choose two executors so responsibility can be shared.
This can work well, particularly where decisions benefit from discussion and support.
However, appointing multiple executors can also create difficulties if relationships deteriorate or disagreements arise.
More executors does not always mean better administration. The key is choosing people who can work together effectively.
Common problems
Most executors carry out their responsibilities diligently, but problems can arise when appointments are made without careful thought.
Common issues include:
- Appointing someone who is elderly or unwell.
- Choosing individuals who do not get on with each other.
- Appointing someone who lives overseas.
- Selecting a person who lacks the time or ability to deal with the role.
- Failing to appoint substitute executors.
These issues can delay estate administration and increase stress for everyone involved.
What about professional executors?
In some circumstances, appointing a professional executor may be appropriate.
This can be particularly useful where:
- The estate is complex.
- There are vulnerable beneficiaries.
- There is a history of family conflict.
- The client wants an independent party involved.
Professional executors bring experience and impartiality, although fees will usually apply.
The importance of communication
One of the most overlooked aspects of executor appointments is communication.
Wherever possible, people should discuss the appointment with their chosen executor before naming them in a Will.
Being appointed can be a significant responsibility and not everyone is willing or able to accept the role.
A simple conversation today can prevent complications later.
In Summary
Choosing an executor should never be an afterthought.
The right executor can make the administration of an estate significantly smoother. The wrong choice can create delays, disputes and unnecessary complications.
When reviewing a Will, it is worth asking not only who should inherit, but who is best placed to make those wishes happen.