Your friend is correct in saying that choosing your executor is an important part of making your Will. Your executor is appointed in your Will and upon your death, they will administer and distribute your estate in accordance with your wishes.
It is your executor’s responsibility to:
- Locate and identify the assets and liabilities (money owing) of the estate
- Deal with the administration of the estate according to law by collecting in the assets
- Identify the beneficiaries
- Apply to the Court for a Grant of Probate of the Will. (A Grant of Probate is a formal document that confirms the Executors and gives them permission to administer the estate)
- Make sure all claims and debts are received, assessed and paid if substantiated
- Arrange for the distribution of the estate in accordance with the terms of the Will
- Prepare accounts
- Deal with tax
Although it is usual to appoint a family member as executor, you should bear in mind that acting as an executor can be an onerous and complicated task. Your family member will also have to make decisions about the administration of the estate during an emotionally difficult time.
You can choose to appoint a professional executor to act solely in the administration of your estate. An alternative is to have a family member appointed as the executor together with a professional executor.
As there are many choices available to you, each with their own pros and cons, our advice is to contact one of our friendly team by contacting us on 02392 296 296.
Our team are here to assist you in drafting your Will correctly and will guide you through the whole process, including advising on whom to appoint as your executor.