Choosing an executor is one of the most important decisions you will make when preparing your Will.
Typically, people choose to appoint a family member or a close friend, however, carrying out the administration of an estate can be complicated and emotionally overwhelming which can mean it is not always an appropriate responsibility for a loved one to take on.
Executors are responsible for dealing with various tasks such as identifying and collecting your assets, paying any inheritance tax and other debts that are due, applying for a Grant of Probate (if one is required) and ensuring that all assets are distributed to the beneficiaries of the Will in accordance with your wishes.
Whilst some estates are straightforward, those involving trusts, businesses or foreign assets can become very complicated. The complexity of estate administration can often lead to mistakes which may then lead to delays, financial penalties and can even leave the executors personally liable.
Beyond the legal and financial challenges, a family member acting as an executor may struggle to remain impartial, especially where disagreements arise among beneficiaries.
Finally, the role of an executor can also become a significant emotional burden, especially during an already difficult time.
Appointing a professional executor removes the emotional strain from loved ones, allowing them time to grieve and support one another without pressure of handling the estate administration.
A professional executor will also act as an independent third party, following the terms of your Will objectively. Their impartiality ensures that all decisions are made fairly, mitigating the risk of disputes and ensuring that the estate is handled exactly as intended.
In addition to this, professional executors, of course, have an in depth understanding of probate, inheritance tax regulations and general estate administration, meaning that they are able to ensure that all of the obligations that come with acting as an executor are met, mitigating the risk of mistakes and delays.
Furthermore, it is a requirement of professional executors to adhere to the rules and regulations set out by various institutions such as the Solicitors Regulation Authority and the Chartered Institute of Legal Executives. These rules and regulations provide confidence that your estate will be dealt with fairly and in accordance with the law.
Professional executors also provide continuity and reliability as, unlike a family member or friend, they are not at risk of being unable to act due to illness, loss of capacity or other personal circumstances. This ensures that the estate administration runs smoothly without disruption.
In summary, while appointing a family member or friend may initially seem like the best option, it is important to consider whether they have the time, emotional resilience, and knowledge to take on the role. A professional executor can provide expertise, impartiality and confidence that your estate will be managed fairly and efficiently.
If you are considering whether you might like to appoint a professional executor or want to discuss your estate planning options, please get in touch with our experienced Private Client team at Ellisons, who are always happy to help.