8 important factors to consider when selecting the executor of your will

Last month, you might have read our article about how to bulletproof your will to avoid disputes, which have risen by 140% in a 10-year period.

One of the most crucial aspects of this process is to choose an appropriate executor.

The executor’s role is to:

• Manage the assets left behind in an estate after a person’s death
• Ensure the assets – including properties, cash, investments, and belongings – are divided according to the wishes of the deceased
• Oversee the legal probate process and interact with the relevant professionals, including solicitors, accountants, financial product providers, and financial planners
• Organise the payment of any Inheritance Tax (IHT) due on the estate
• Act in the deceased person’s best interests.

Keep reading to discover eight important factors to mull over when selecting the person who will take on this important role after you pass away.

1. Age

Anyone over the age of 18 can be named as an executor of a will.

But with several people to choose from, age might be a factor you consider very closely before coming to a decision.

If the person you choose is your age or older, consider the likelihood that they could become very old or even pass away before your time comes. A very elderly person might struggle to perform all the duties of an executor, especially with many steps in the probate process now being conducted online.

Conversely, a very young person, such as your child, could find it overwhelming to deal with all the administrative tasks while grieving your death.

As such, selecting someone who is old enough to understand the process and take the weight of this role, without being too old to cope with the pressure, might suit.

2. Life experience

Handling the death of a close friend or family member is challenging for anyone. But those with significant life experience might be able to cope more easily and carry out the necessary duties of an executor.

If you have a close friend or relative who has acted as an executor before, for instance, they could be the right person to ask.

3. Financial and legal knowledge

While it is not necessary to be a financial or legal professional to successfully act as an executor, a basic understanding of how probate and IHT work will likely come in useful.

Some people even ask a trusted financial planner, accountant, or solicitor to act as their executor for this reason – but doesn’t need to be the case. As long as your executor knows what is involved, they can engage with the relevant professionals and take advice on the more complex aspects of managing and distributing an estate.

4. Relationship to you

It might seem to make logical sense for you to choose your closest loved one, such as your spouse or child, as your executor. This may be the right thing for you, but bear in mind that your spouse, partner, or child will already bear a huge weight of responsibility on their shoulders after you pass away.

If they’re acting as your executor, your spouse or child may be expected to juggle this role with:

• Organising your funeral
• Making claims on insurance if possible, such as your life insurance
• Reviewing their finances and ensuring they can still cover essential expenses, like your shared mortgage
• Childcare
• Work responsibilities
• Their own grief.

So, it could be wise to consider alternative executor options to ensure your closest loved ones are not overwhelmed with tasks after you pass away.

Other trusted family members such as a sibling, or a professional you trust, might be more suitable.

5. Relationship to your beneficiaries

It helps if your executor knows your beneficiaries to some degree. Having a close relationship, familial or professional, might make the estate distribution easier and help your executor to maintain good faith among your beneficiaries.

For instance, if a beneficiary seems confused or upset by the decisions you’ve made in your will, it may be easier if your executor already knows them. They can talk through the decision and help to put your beneficiary’s mind at ease, potentially reducing the chance of a lengthy and costly dispute arising.

6. Timing and scheduling

Being an executor often requires a significant time commitment, especially if the deceased person’s estate is large or complicated.

Your executor might need to be in contact with:

• HMRC, for IHT purposes
• A probate solicitor
• Your financial planner and/or accountant
• Pension provider(s)
• Investment providers
• Insurers
• Your beneficiaries.

With this in mind, choosing someone who has young children, an executive position at work, or other non-negotiable time constraints such as travelling internationally as part of their employment, may cause delays.

7. Patience

Many consider it an honour to be named as an executor, but of course, this role has stressful elements that you may wish to consider carefully before naming yours.

An executor can expect to handle several lines of enquiry at once, complete lots of forms, and manage beneficiaries’ expectations over a lengthy period.

Most of all, they’ll need to have patience – Co-op estimates that probate now takes up to 12 months to complete, and sometimes longer for large and complex estates.

8. Trust

Perhaps the most important element of all the points you’ve read so far is trust.

Your executor acts as the guardian of your estate when you’re no longer able to safeguard it yourself. So, choosing a person you truly trust to act in your best interests, no matter what happens, is imperative.

Work with a financial planner to build a comprehensive estate plan

There’s much more to estate planning than writing your will, although this is an essential component. We’ll help you manage tax, prepare your assets, and gain peace of mind where your family’s future is concerned.

Email us at hale@kelland.co.uk, or call 0161 929 8838. 

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, will writing, or tax planning.

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