Making a will is something everyone should consider. As morbid as it sounds, you don’t know how long you’re expected to live and anything could happen. To ensure that your loved ones are finally supported, and to ensure that the people you want get your possessions get them, making a will is essential.
So, after you’ve made your will, another important decision to make is to choose your executor. Who are you going to choose to ensure that your wishes are carried out in the way you’d want them to be.
Your executor will make sure that if you’ve left all your possessions to one person, or place – or even the exact opposite then they will receive all of them in full.
It’s a tough job to do, and the person responsible will have a lot of duty of their hands. So you should consider wisely before making your decision an selecting someone.
Here a few things to bear in mind:
How old are they? To legally be an executor they must be 18 or over. However logically speaking it’s better to choose someone younger than you, or in the generation below you as they are less likely to die before having to execute your will. And of course, always consider the maturity of the person you’re picking – the youngest child or grandchild isn’t always going to be the most suitable candidate for the job.
Are they your beneficiary? If they are they can still be your executor, except the fact that they may have a conflict of interest being your beneficiary, and therefore make decisions that will help themselves rather than your estate and other inheritors.
How many executors can I appoint? You can appoint up to 4 executors, though think carefully about how you choose. Conflicts can occur, and this could affect your asset split. If you think that this could happen you should ensure to have at least one independent executor, which is an outside appointed party like a solicitor.
If you have a large number of assets and a large estate, then having a solicitor as part of your executors is a wise idea. Things can become complicated and difficult to sort.