WHAT IS THE ROLE OF AN EXECUTOR?
A Job For Life
Acting as an Executor is a job for life. Careful consideration needs to be given as to who to appoint:
- Being an Executor is a difficult and time consuming job.
- The role carries personal legal liability.
- Relatives may be too distressed to perform the role.
- Decisions could make them unpopular with Beneficiaries.
You should choose an Executor to carry out your wishes, as stated in the Will. Executors can be Beneficiaries under the Will and often people appoint their spouse, partner or children as Executors. Check with your proposed Executors that they are willing to take on this role before naming them in your Will, as it can involve considerable responsibility. Consider naming more than one Executor in case one dies before you.
It may also be easier for the Executors if there is more than one person to share the work and the responsibility. The Executors may have to deal with any day to day administration of your estate in the period before it can be distributed. Executors can claim from the estate for expenses incurred in carrying out their duties.
If the estate is large or complicated, there may be advantages in appointing a Professional Executor.
Some professional Executors charge between 3 and 50/0 of the value of the estate for the work that they do and often an hourly rate in addition to this. If our legal partners are appointed at outset charge only 1.50/0 of the value of the estate and VAT, and disbursements.
- Professional People (Solicitor, Accountant, Bank Manager).
- Trust Corporation.
They all have advantages and disadvantages which need to be considered in the light of the circumstances.