An executor is someone who is appointed by someone writing a Will to carry out the terms of the Will.
The main role of an executor is to ensure that the estate of a deceased person is secure, assess its value and pay any inheritance tax that may be applicable. The executor will also need to gather all the assets, pay any debts, and then distribute what’s left as outlined in the deceased’s Will.
You will need to appoint two executors in your Will. So who can be an executor?
- An executor can be your partner or spouse, and for couples that are looking to make a mirror Will, it is advised that you appoint one another as the first executor. This will make things a lot easier upon the death of the first partner.
- Beneficiaries of a Will can also be executors. Children can also be executors and can be a good selection as they are in a perfect position to carry out the wishes outlined in a Will.
- If you are single with no children then the next best person to appoint as executor would be a relative or sibling.
- If you cannot find a suitable executor then you can always instruct a solicitor to be an executor.
You must always confirm with your prospective executor that they are willing to act before naming them in your Will. You will need to explain what is required of an executor as most are unaware of the responsibilities imposed.