Executors

You have to decide who to name in the will as your executor(s). They will do all the work of winding up your affairs after your death.

They have to collect all your property, including getting valuations and realizing the value of investments, pay all debts and taxes, deal with funeral and administration costs and then distribute the balance of your estate according to the terms of the will.

Being an executor is a detailed and time consuming job. Normally the will provides for a payment to the executors for the work: £600 is reasonable for a nonprofessional but a professional will want to be allowed to charge his or her full fee. If the executors are relatives and also beneficiaries, this payment may be less or nominal.

If the executor is not a beneficiary, it may be a friend or someone completely impartial who does the job for a professional fee - a solicitor or a bank, for example.

The latter can be very expensive, and if there is a beneficiary who can take on the task it will be in their interest if you name them as executor. You can appoint more than one executor: that can help share the burden.

There is a problem, however, if you appoint one relative and one professional. Both have duties and rights and you can find that the professional insists on doing the work and charging the fee. The will must provide for the fee for a professional or for a specific gift to someone who does the job as a friend or relative.




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