It’s very important, when you plan to draw up your will to consider who is to be your executor. They’re the person or company who you would like to act for you. Your executor is the person or company who will administer your Will after you die.
They can be anyone you choose, your spouse, your live in partner, your civil partner, your children if they’re over eighteen when you die, siblings, close friends, beneficiaries of your will, a solicitor, bank or your account.
However; if you choose a professional body they are allowed to charge you for their work so it’s important to find the balance between a company that completes the work quickly, does the work extremely efficiently and charges a reasonable, rather than an exorbitant fee. That’s where LSUK can help you or your family. They charge ‘by the job’ rather than by the hour, so they won’t spin the work out for hours and weeks and then months on purpose to charge you more. They have a vested interest in completing it quickly, but completely correctly.
You should always ask executors if they’re willing to act for you. Often people just put down, say their sister and then wonder why the sister is worried about completing the task when she’s no idea what it involves or if she could even spare the time to complete it.
An executor has various responsibilities and duties which must be carried out accurately. Here’s some of the work they’ll need to complete; it’s not a complete list because each individual has different needs, but it is useful as a guide.
They need to find out about your property, your assets, your investments and your debts. They’ll have them all valued. They’ll make sure the funeral (hopefully a pre-paid funeral arrangement) takes place and arrange the payment from your account(s). They’ll get your pension information, see what’s due and what’s been overpaid; the same for any benefits, they’ll also need to seek and collect any other monies due. They’ll find out about your tax liabilities, especially inheritance tax and complete a tax return for you. Almost finally, they’ll need to deal with the probate registry. Next they’ll distribute gifts and legacies to the beneficiaries and then draw up clear accounts to present to all those required to see them.
If it’s all too much, you can ask a professional probate company like LSUK to help you.
When you write your Will correctly, you make it easier for your Executors to understand exactly what to do with your estate when you die.
Filed under: Wills, probate services
Leave a Reply