It’s one of the most important decisions you’ll have to make with regards to your family’s future, so here’s how to do it right
Considering how life will carry on after we’re gone is nobody’s favourite pastime, but it’s important to face this question head on in order to ensure things are as smooth and pain-free for those you’ll be leaving behind.
One of the most important decisions you’ll need to make when it comes to settling your assets is choosing an executor. Essentially, you can choose whoever you like to do this job, but there are factors you should consider to ensure that the choice you make is the right one.
What is an executor?
To put it simply, your executor is the person who sorts out your property when you die, and carries out whatever instructions you’ve left behind.
Being an executor can be a complicated job even if your instructions and assets are all relatively simple. The entire process can take several months and can involve important decisions like deciding when to sell your property for the most financial gain for your family, and making sure the necessary taxes (Inheritance Tax, Capital Gains Tax and Income Tax for example) get paid.
What does a good executor look like?
Many people choose family members to act as an executor. There is no rule that states that someone set to benefit from the will cannot be an executor, and you can even choose family members under the age of 18 to be an executor, though they will not be entitled to apply for probate until their 18th birthday.
However, it’s important to remember that being an executor can be both complex and time consuming. That’s why many people choose to appoint more than one executor – often with one being a family member and one being an expert in the field, such as a solicitor.
Having a solicitor on board means you have the safety net of a professional on your side, with specialist knowledge at their disposal.
In the event that your executor dies before you, you can appoint substitutes.
What relationship should you have with your executor?
Whoever you choose to be your executor, the right choice will be someone that you can trust. Whether for their professional experience or their dedication to you and your best wishes, the right executor should be dedicated to filling out your wishes to the letter, and seeking a fair solution to any disagreements which may arise.
Choosing your executor is a vital step of writing your will, which provides peace of mind that your family’s future is secure.
Head of Wills, Probate and Trusts at Winn Solicitors, Rebecca Harbron Gray, describes the importance of getting the right support for your will writing, saying:
“Many people avoid writing a will and making plans for death for many years because they think it is a morbid or depressing process. But the truth is often that, once complete, people get a sense of comfort and relief from knowing that they have done all they can to protect and care for their nearest and dearest.
“At Winn Solicitors our team has decades of experience in this specialist field of law and we know how to make it simple and stress-free – no matter how complex your estate or family situation.”
With a dedicated team of legal specialists in settling affairs, Winn Solicitors can help you create a will that offers complete peace of mind and security for your family, no matter what the future holds.
If you’re looking for an expert will writing service, get in touch with Winn Solicitors today.