Your will: choosing executors
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| Your will: choosing executors |
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| Who can I choose? |
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| Anyone over the age of 18, of sound mind and not in prison, can be an executor. |
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| Children can be appointed as executors, but they cannot act until they are 18 years old. Beneficiaries can be executors. Executors will need to be around after your death, so avoid old people and people who live at a great distance. |
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| The most common choices are: |
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- Wife, husband, partner, children;
- Professional adviser;
- Friend of family, usually a solicitor or accountant
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| Who you choose will depend on: |
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- The degree of complication of your affairs;
- How those closest to you will cope if you were to die;
- How you rate the business efficiency of people on your list of possible appointees;
- Whether there may be conflicts of interest in the family;
- How many executors you want.
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| If you are over 60, consider how old your executors will be in ten years' time. If you choose someone who is 60 now, they might be 75 when they have the responsibility you give to them of looking after a trust! There is not much point in choosing someone now aged over 50. |
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| Wife, husband, partner, children |
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| There may be several candidates in this category. It is most unlikely that they will think in similar ways or have similar ideas about how to deal with your assets. As an executor, one person may want to sell your house quickly because he wants his share of the money fast. Another person may want to sell quickly because he is nervous that there will be no other bidder. |
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| Another potential problem is balancing your children's needs with the needs of your current partner. Suppose you leave your house and some money in trust for the life of your second spouse or partner, with a gift on their death to your children of an earlier marriage. If your children are trustees, they may be cautious about the freedom they allow to your spouse or partner to move house and want to control what he or she buys and how money is spent. This is natural, since they will receive whatever is left when that person dies. We do not suggest you should be unhappy with this proposition, just that you should be aware of it. |
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| If you do choose family, consider an absolute limit of three; preferably make it two, if no one will be offended at being left out. |
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| Friend of family or professional |
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| Such a person has no personal interest except the gratitude for your past friendship or business and possibly an interest in the work in winding up your estate. |
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| The main benefit here is objectivity and neutrality. |
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| The main downside is that a solicitor executor or trustee will want to undertake the probate work. Since he is then his own client, he can charge what he likes, within reason. |
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| In summary - solicitors are generally sound executors, but they are often very slow and they come at a price. |
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| Under the Trustee Act 2000 a trust corporation or professional trustee may charge a reasonable fee for their services. Executors who are not trust corporations or professional trustees may charge only if the will contains a paragraph which expressly authorises the payment. They may however, claim out of pocket expenses in any event. The best position is to provide in your will that professionals may charge. |
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| Trust corporation |
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| No one who operates a bank account can be unaware of the trust and probate services offered by their friendly bank. Their advertising emphasises their probity and eternity, both sound qualities; but says little about their charges or the quality of their work. We advise very strongly against using this category because: |
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- Banks tend to charge even more than solicitors;
- It is almost impossible for beneficiaries to prise the probate work away from a bank trust corporation because they are usually appointed as sole executors so, once appointed, they are their own customer;
- There is no effective mechanism for you to complain about bank charges;
- They are happy to pay for whatever specialist services best protect them and reduce the work they themselves must do, so cash is splashed out regardless;
- There is naturally a bureaucratic tendency to over-rely on professional advice - if an estate agent says sell, they will sell. This is not on account of any dishonesty, it is just to keep simple the lives of those who do the work.
- The same bureaucratic approach leads to inflexibility and slowness;
- The contact point, if any, is with a system, not a competent individual.
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| In summary, banks may charge more, but the main disadvantages arise from their profligacy with payments to others and the sheer bureaucracy of large organisations. |
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| Help your executors and trustees |
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| A little thought and organisation will make it far easier for your executors to deal with your estate fast and at low cost. |
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- Place your original will somewhere safe;
- Make sure you place one copy where it would easily be found. Many people give a copy to a child or close relative, or to a proposed executor, although there is always the chance that they may open and read it.
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| Your solicitor will keep your will safe, probably at no cost. But he may insist on drawing it for you first and will expect your executors to come to him when you die, to instruct him for the (very profitable) probate work. |
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| You can also leave your will with your bank, but they do charge for keeping any possessions. The procedures for withdrawing it may be somewhat tedious too. |
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| A very good place to keep your will is with the Probate Registry. They do make a charge, but it is only nominal. They give you a certificate of deposit. If you lose that, it may not be possible for your executors to obtain your will. This may be a good solution if you are concerned that someone may tamper with your will, or simply because you want to be sure of secrecy. |
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| Another benefit of using the Registry is that they keep an index of wills which is searched by them automatically every time any application for a grant of probate is made. So if your will is with them, there is no chance that a fraudulent will can be proved. |
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| Probably the best place to keep it is in a safe place at home with your other business papers. It is likely that you will want to re-visit your will from time to time, so it is usually convenient if you have a copy handy for that purpose. |
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| It is also important that your family and executors can locate all your business papers. It is a good idea to make a file of all of them, then tell your family where you keep the file! In the file, you could place papers relating to: |
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- Funeral arrangements, where, how, music, readings, burial, flowers and more;
- A list of the names, addresses and contact details of everyone you want to be told of your death;
- A note of the whereabouts of your will, birth and marriage certificates, national insurance number, any decree of annulment of marriage or divorce, pension documents, benefits books or papers;
- A schedule of assets and debts;
- Papers relating to your insurance, pensions, bank statements, share certificates and so on;
- Land certificates and title deeds to property abroad;
- The names and addresses of your accountants and solicitors;
- A list of the dates and amounts of any gifts you have made over the last 7 years and the identity and addresses of the beneficiaries.
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| Related documents: power of attorney - legal wills - general power of attorney |
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