Who Can Be an Executor?

Note: The following article is part of our Complimentary Articles Series, designed to provide additional insights and detailed information on specific topics within estate planning.

Alongside this article, we suggest exploring our pillar articles for a comprehensive understanding of general estate planning issues.

• Why is it Important to Write a Will?
• How Often Should I Update My Estate Plan?
• When Should I Consider an Estate Plan?
• What Are the Benefits of an Estate Plan?
• What Are the Rules of Intestacy?
• What Happens If I Die Without a Will?
• What is Partial Intestacy?

INTRODUCTION

One of the most important choices you will make in estate planning is choosing an Executor for your Estate.

The Executor's role is crucial in guaranteeing that your instructions are carried out in accordance with your instructions as laid out in your Will.

To help you make this important decision, this article clarifies the main prerequisites for acting as an Executor.

For context, we recommend our other articles in relation to estate planning.

PREREQUISITES

• Fiduciary Care: It is the fiduciary duty of all Executors to act in the best interests of the Estate and its Beneficiaries at all times. They can be held personally liable in cases of mismanagement of the Estate, so you should choose your Executors wisely.

• Legal Age: The Executor needs to be at least eighteen years old.

• Willing and Able: Since certain aspects of estate administration are complex (e.g., applying for a Grant of Probate, dealing with HMRC when paying Inheritance Taxes, distributing the Estate), the Executor must be capable, willing, and able to carry out their duties effectively and ethically.

• Mental Capacity: To handle the duties involved in managing an Estate, the Executor needs to be mentally capable and be aware of the financial and legal obligations they are taking on.

• No Legal Disqualifications: Individuals registered as bankrupt may not serve as Executors in England and Wales.

WHO CAN BE AN EXECUTOR?

• Family Members and Friends: Common choices include spouses, grown children, other close relatives, and close friends. Since they're probably familiar with many aspects of your financial and personal affairs, they want to ensure your wishes are carried out correctly.

• Expert Advisors: Personal advisors like lawyers or accountants can serve as Executors and apply their specific expertise and experience. This is very useful in the case where you have multiple Executors.

• Professional Executors: Some institutions like banks, trust companies, and solicitors offer specialised Executor services. This may be useful if you want to inject more impartiality into your estate management. Since your lawyer or accountant is likely already familiar with your affairs, there may be a perception among your Beneficiaries of possible bias, which professional executors can mitigate.

Need to know more?

Good estate planning creates a solid foundation for preserving your financial legacy, providing for your loved ones in the future, and providing peace of mind for you and your loved ones.

Whether you are starting from scratch or looking to update your current arrangements, Squiggle can provide some clarity and direction, helping you to tailor a plan that suits the unique circumstances of your loved ones.

Book a callback, and we'd be happy to arrange a no-cost, no-obligation discussion with you to lay out the options available.

Alternatively, call us on 01233 659 796.

Or reach out to us here.