Executor of Will ?
You must nominate at least one person to be executor of your will who shall carry out the directions in your will and it is regular to use two executors. You could also nominate a substitutional person as a backup just in case any of the named executors is incapable of being executor of will for whatever reason.
The principal concern in choosing your executors is that they will be responsible and honest in carrying out your wants. There is nothing in law to forbid a beneficiary in a will also being an executor. So, it is quite common for one of the key beneficiaries to also be an executor. This way relatives and friends can behave as your executors.
You could also nominate a paid advisor such as a solicitor or an accountant as executor, even so, they will charge a fee for their assistance.
Your solicitor could be Executor of your will with one other person.
Suppose if you had a son or daughter that is close to being 18, unless you know good cause for not delaying until he/she is 18, talk over with them the idea that he/she is also an Executor. You could then make sure that they know what to do by giving them a list of instructions. All your assets, for instance will need to be gathered together and priced: the amount of your estate may escape Inheritance Tax, but if you are in any doubt, your solicitor may be able to assist you avoid (not evade) that by giving gifts now. He may also suggest setting up a Trust Fund for your kids. But when it comes down to personalized legacies – what you might wish to do with your jewellery, for instance, if you have special pieces you would like to earmark for close friends or relations – that sort of thing can be done by your daughter as Executor.
Your child may be a bit put out that you are considering about writing a Will, but it is a very commonsense thing to do, and moreover, when he/she is 18, they will be in a position where they should think about writing a will too, even if it is only ‘I leave my MP3 player to my brother ,Tom, and my sound system to my mam so that she can play the music she loves at long last’. Individuals who die intestate – without writing a Will leaves an frightful mess for their relations to sort out, and although it is very likely that a Court would determine that your next-of-kin (your children) would cop for everything, if there is any controversy by (say) your previous spouse on the grounds that he assisted to pay for your goods and chattels,if your Estate is limited, would see it all gobbled up in legal fees.
It’s an tricky job but keeps down the legal fees and thus allows more in the Estate for those who should get it; the friends and relatives of the departed.
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