InHouse Wills & Probate
Executor
Being executor is a major role, with significant rights and responsibilities. However, advice is available and the responsibilities can be taken from you if needs be.
An executor normally also acts as trustee.
Executor
The responsibility for putting a Will into action is the role of the Executor. If there is no Will then beneficiaries (who inherit under the rules of intestacy) can apply to be the ‘personal representative’ of the deceased - essentially taking the same role as an Executor.
Either way, it is a significant role, with legal and financial responsibilities lasting many years and with fines and financial liabilities if you act inappropriately. Frequently it involves obtaining a grant of probate. But don’t let all that put off - we can help, even arranging for the full responsibility to be taken from you if you wish.
Typically those appointed as executor also act as trustee, if required. It is the responsibility of the trustee to look after the estate’s assets, according the the conditions laid down in the Will. For example, the trustees take care of money left to young children until the reach 18 (or whatever age you specify in the Will).
An executor can benefit from a Will. Indeed, often it makes very good sense for a beneficiary to be an executor. However, if there is any suggestion that there might be disagreements it may be better to have a third party involved, especially if there is a trust to be managed.
Anyone named as executor in a Will is not committed to the role - effectively they are just given first refusal. However, once you start to administer the estate or take similar actions then you are committed and are liable for what happens.
Where multiple executors are named they all have equal authority, unless otherwise indicated in the wording. Thus, there is no significance to whoever it named first nor to the eldest, etc - unless the testator states otherwise.
If clients wish, InHouse can arrange for a professional executor to be appointed, to remove the burden from the family.