We’re all quite adept at putting our heads in the sand, but leaving a list of your assets and liabilities is the least you can do to make things easy for the executor - the person you appoint to sort out your estate and make sure your wishes are carried out after your death. Many parents nominate their spouse and eldest child or children as executors (it’s advisable to appoint at least two executors in case one dies before you and they should, ideally, be younger than you). Professionals like LSUK can act as executors. Executors can be beneficiaries under the will, but a beneficiary or their spouse must not witness the will or they will lose the gift. They can also claim expenses from the estate for carrying out the task. If you don’t appoint a professional as executor, check that the relative or friend you’ve nominated is happy to do so - there’s a lot of paperwork and time involved in arranging the funeral and dealing with probate such as collecting any money owed to you and paying your debts. If you can’t do it yourself – choose a professional with guaranteed fees.
Filed under: Legal Advice, Wills, probate services
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