Creating will-related decisions is very scary for any family. Reading the will left by the deceased gives rise to beautiful memories and a lifetime spent together. Therefore, we suggest looking for an impartial executor with the following qualities to fulfill responsibilities as required.
An executor is a very responsible party. They are responsible for keeping extensive estate-related properties of the deceased and communications with the family. Since the executor is the second closest option after the deceased, the family will want to inquire and stay in constant communication with them. It is mainly because the executor knows where all the assets are and their worth too.
An executor will also communicate the inquiries of the families to the court and the lawyers. The executor is also an active communication party with the accountants and corporate trustees if the deceased owned a publicly listed company.
An executor is also willing to put in the time. Assuming you put one of the kids or a close family member as an executor, what if they do not have enough time? Internal family matters are complicated, and some may not take the responsibility seriously as they should.
Most do not appreciate surprises, especially involving death and becoming an executor. Therefore, it is advised you name the executor in advance. You may also choose an unbiased party who will carry out executor-related responsibilities very seriously. They will be paid from the estate against their responsibilities fulfilled.
Preferably Not a Close Acquaintance
An executor who is also a family member will carry lots of conflicts of interest. You would think naming a spouse or a child would be a wise choice but think again. When it comes to estates, bonds, and properties, grievances take seconds to build. The executor will also be looking for their best interest while reading the will too.
In a similar setting, naming a business partner as an executor is also not a good idea. The remaining partners may negotiate secretly to grab the significant chunks of the estate. They may purchase or sell business shares without asking for consent from the beneficiaries too.
Since the executor makes all the decisions after the deceased, the family must trust them. A stranger will not work well as an executor because the family might feel they are being manipulated at this vulnerable time.
Besides being an acquaintance, the executor must also be a UK citizen. A non-UK resident is not acceptable by the court. The reason is it might create tax complications as a non-tax filer in a foreign country. Similarly, a non-resident will also file another tax return in their home country mentioning executor income. The concept results in double-tax.
Hire an Executor Today!
An excellent executor is responsible and trustworthy. He cannot be manipulated nor misleads the grieving family under a false reading of the will. To learn more about creating a will, its particulars, and hiring an expert executor, visit willstrustslpa.co.uk/serviceareas/online.