Are you an executor for a will? Here are six things you should know

Posted Aug 13, 2019.

 

Whilst it’s something that many of us aren’t keen to consider and tend to put off, one of the key parts to consider when writing a will is who will be responsible for carrying out your wishes and handling your affairs once you have passed away? When you write a will, you will need to name an individual – or individuals – to carry out the instructions contained in the will – this person is the executor, or are called co-executor's if there is more than one individual named.


Executors are most commonly children of parents who have made their will. Every year in the UK, billions of pounds of wealth is being transferred through the sale of property, re-allocation of financial assets and individual’s personal wishes, so the task of being an executor should not be taken lightly. 

Executing a will – what to look out for

In among the many elements of executing a will you will need to consider, the list below highlights 6 of the most important:


1. Overall Estate Management – it’s important that there is clarity overall on what the deceased wants to happen to their estate, in particular their home – which is usually the most valuable part of their estate. You may need to consider what the family wants overall? Also, if there are siblings, will the house be sold and the proceeds divided up, or will one sibling be nominated to hold onto the property?

2. Paperwork  – as well as the actual Will, an executor will need to have access to a wide range of information, such as bank account numbers, property title deeds, passwords and logins, investment and pension certificates and trusts. Having a complete picture of parent’s assets makes it much easier and quicker to execute the will and to settle any inheritance taxes that may be due.  

3. Estate Value – a recent study showed that 4 in 10 executors in the UK did not know the full value of a parents estate. This is important information to understand which gives executors much more confidence that they can execute the will properly.

4. Digital Assets – as people’s internet usage and digital footprints continues to grow year on year, if an executor has access to the deceased’s digital assets – including online based services covering music downloads, picture & videos stored both remotely and on computers and hard-drives, social media accounts, etc  – then their task will be much easier.  It may also be possible to appoint a separate ‘Digital Executor’ to handle these assets.

5. Funeral Arrangements – consideration needs to be given to the type of funeral that a parent wants. What type of funeral and service they would prefer – such as religious or humanist? What should the service contain? What music would they like to have played? Do they want to be buried or cremated? Another important consideration is whether they want to donate organs following their death? 
  

6. Valuables – having access to a list of valuables to be distributed, and to whom, can save a lot of arguments and stress. Lack of transparency when allocating valuables from an estate is unfortunately a regular reason for family arguments that can often have long-lasting effects on the siblings involved. Arguments over ‘who gets the oil painting / wedding ring / vintage car’, etc, are very common and add additional tension to what is already a stressful and emotive process. 

However you want your will written, Bakers can help

Our experienced team at Bakers Solicitors offer you a complete, easy to understand and friendly Will Writing service. 

We listen to you, fully understand your wishes and concerns and advise you on your options during the Will Writing process. We then draft your Will checking always that it is accurate and appropriate for your needs and wishes. No two Wills are exactly the same and your Will shall be tailored for you and what you want.We ensure that your Will is correctly signed and witnessed. We offer a safe and secure Will storage facility too.

Making your Will with Bakers Solicitors is easy, convenient, fast and rewarding. Don’t put it off any longer. Call now on 

(01252) 744637  and speak to Simon, our Estate Planning Manager, or email simon.speed@bakerssolicitors.com