I don’t know how often it happens that someone is surprised following a friend’s death to discover that he/she has been named as one or more Executors of a Will?
It goes without saying that that should never occur. One should always ask the chosen Executors whether they are prepared to be named as such, taking care to explain any particular features of your estate on top of the general duties they will need to undertake.
The named Executors should identify the assets and liabilities of the estate and work out whether Inheritance Tax is due, before they can apply for Probate (which is not required in every case). A grant of Probate confirms the validity of the Will and constitutes the authority of the Court to the named Executors to act as such. Their duties are to administer the estate according to the terms of the Will, gathering in the assets, paying the liabilities (including to His Majesty’s Revenue & Customs) and then distributing the assets according to the terms of the Will, thereby completing the administration on signing off the estate accounts.
That may be the end of it – or there might be continuing trusts of which the named Executors(s) may or may not be a trustee.
The main thing obviously is that your appointees are up to the task, in terms of being people who you trust and who are likely to get on with the surviving members of your family. Indeed, any Executors might be a close member of the family.
My wife and I have each appointed the other as sole Executor/Executrix subject to surviving thirty days, failing which our three children. Happily, we all enjoy very good relationships.
A named Executor can always refuse to act, but once they have assumed any of the duties of an Executors by doing what is known as ‘intermeddling’ in the estate (for which the bar is set quite low), then they have to finish the job.
If a named Executor doesn’t survive you, you can appoint replacement Executor(s) in your Will. On the other hand, if an Executor dies after you but before the estate has been administered, there is rather an odd rule called the “chain of representation” which provides that his/her own Executors step into the role.
So, you could possibly choose a close family member. Or perhaps a trusted friend of the family. I have always advised against appointing your solicitor or other professional and certainly against a bank. The exception might be that if say your solicitor happens to be a friend first.
The important thing is that they know what they are in for, so you can have those advance conversations with them.
Executors have to act unanimously, which (if you have more than one) is something to bear in mind in terms of relationships between them.
An Executor can always be a beneficiary, but if he/she would not be otherwise, then, given the burden that is being placed on them, I always suggest leaving them a reasonable cash legacy in appreciation.
