Choosing the Right Executor for Your Will
An executor is appointed in your Will. Choosing the executor of your estate is one of the most important decisions you need to make when planning your affairs. The role of executor involves administering and settling a testator’s estate in accordance with their will. It is therefore essential that they are organised, impartial, patient, and trustworthy.
It follows, then, that many people struggle to decide who to appoint to such an important and burdensome role. Your executor must be capable of even-handedly giving effect to your wishes, reliably attaining legal title to your assets, accepting liability for debts and tax, and fulfilling fiduciary duties to your beneficiaries. For such a significant role, appointing more than one executor is advisable, but sometime a sole executor can fulfil those duties.
If you’d like to understand more about what an executor does and how to choose the right person, you may find the following articles helpful:
Benefits of More Than One Executor
There are many reasons why multiple executors are advisable. Firstly, there are a number of duties that an Executor must fulfil. It includes identifying and collecting in the assets, settling any liabilities, paying the various taxes that apply (Inheritance Tax, Income Tax and Capital Gains Tax), selling property and interacting with beneficiaries. In some circumstances it can also mean dealing with different professionals, such as accountants, lawyers, financial advisors and land valuers.
Having more than one executor means the workload can be shared to ensure that no single person is overwhelmed. This may be particularly beneficial where your estate is large or complex, e,g, you are a business owner or own foreign property or multiple properties or there are vulnerable beneficiaries. Often, different executors offer different abilities.
For example, where one executor is unfamiliar with your business interests, digital assets or trusts. Rather than ruling them out because you have business or digital assets, you may appoint an additional executor who is a business owner, and can effectively administer these affairs according to your wishes and the needs of the business.
Multiple executors will also constitute a system of checks and balances in the management of your estate, reducing risk of oversight or mismanagement. However, it is imperative that for the estate to be administered effectively, the executors cooperate harmoniously.
Finally, but importantly, having more than one executor ensures continuity. It is not uncommon that an executor cannot act due to illness, death or incapacity. Having more than one will increase the chance that there is a suitable executor, avoid the complications that arise where there is no executor, and likely mitigate the cost associated with rewriting your will to add or remove executors.
Benefits of Sole Executors
On the other hand, if your estate is modest and straightforward then a sole executor may be more suitable. For many, it is unusual to know multiple people willing to undertake executorship, and maintaining one trusted executor may offer assurance that your estate will be managed diligently and your wishes respected. However, you need to be mindful that if that person is incapable at the time you die or has died before you, then the law will determine who is entitled to act as your personal representative.
Generally, co-executors must act jointly: decisions must be made unanimously, and all documents must be signed by both. This can lead to administrative complications or conflict between co-executors.
With a single executor, especially where in receipt of legal advice, decision-making can be straightforward, avoiding those possible disagreements that may arise between multiple executors. This can sometimes lead to a more efficient and less contentious administration process.
Appointment Of Executor(s)
If you wish to appoint more than one executor, you must be confident that they can work collaboratively and neutrally. Equally, a sole executor must have the capacity to manage what can be a complex and difficult process on their own.
The process of appointing multiple executors is the same as appointing just one. It is important to take expert advice when choosing executors and making a will, as there are often matters which you have not considered and which your advisor can guide you through. For specialist will-writing advice, contact one of our experienced Private Client solicitors. They will be able to provide advice on all aspects of estate planning, will drafting and who might be appropriate as executors of your estate.
You may even decide, after taking advice, that appointing Nantes as executor is a more suitable option for you, thereby avoiding any concerns you have about appointing family or friends as executors.
We are dedicated to supporting you.
Appointing the right executor or executors is a key part of ensuring your estate is managed as you intend. Whether you are considering one trusted individual or a combination of people with different strengths, it’s important to take advice that reflects your personal circumstances. Our Private Client team at Nantes can help you make an informed decision and ensure your Will is drafted with clarity and confidence. To speak with a solicitor, call us on 01305 771000 or visit our contact page.
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