An executor is a person or a trust company that is named in your will to carry out your wishes and distribute your estate after you die.
When choosing an executor you should consider the following:
- The qualifications of your executor. Being an executor is a very responsible and demanding role and should be taken very seriously. Choose a person you trust, who is willing and able to keep careful records and who would be able to seek professional accounting, financial and legal advice for dealing with more difficult matters.
- The age of your executor. Your executor must be at least 18 years of age. Depending on your age will determine whether you choose someone who is older or younger than yourself, but it is important to review who you have named as executors every few years.
- Using family members to act as executors. If your will is straight forward and your beneficiaries are members of the family, many people in your situation choose an adult member of their family e.g. their spouse, a sibling, or an adult child to be their executor. They do not need to have any financial or legal background but should seek help from experts if it is required.
- Using non-family members to act as executors. When there are no suitable family members to ask, then friends and business associates are a good alternative choice. It is advisable that they know your beneficiaries, but most importantly they should be honest, trustworthy, good at paperwork and good at managing legal issues.
- Using professionals to act as executors. Choosing a solicitor or an accountant as one of your executors makes a lot of sense, especially if sorting out your estate is likely to be complicated. A professional has the expertise to deal with financial, legal, tax and property issues.
When making a will you may wish to consider using Peter Robinson & Co. as a professional executor to assist your relatives with the administration of your estate at such a difficult time.
For further information and advice please contact Peter Robinson & Co. on 0161 678 7996