Wills and Probate – Bristol, Bath, Cardiff, Swindon
Most of us are reasonably familiar with Wills and know that writing a Will ensures that what is left when we die passes to those we have identified, but what do most of us know about the process of winding up an estate?
Unless you have had personal experience of this, it is likely that you have very little idea of exactly what is involved; and of course, the process will vary depending on how large and how complex an estate we are talking about. Someone whose estate consists of £1million all sitting in one bank account will be very much easier to deal with than a much smaller estate with assets in many different forms and possibly even sitting in different countries.
When writing a Will, one of the key questions is who to name to carry out the instructions of the Will. Who, in other words, to name as Executor(s)?
Whoever acts as Executor to your Will needs to be able to:
- think clearly at a difficult time
- manage many competing demands
- be highly organised and efficient with paperwork
- be good with maths
- be good with legal, tax and property issues
- be meticulous with detail
- have sufficient time on their hands to follow the process through to its conclusion
Above all, it needs to be someone whom you trust completely.
Sometimes clients name individuals to be their Executors without really considering the amount of responsibility being given. Sometimes family members or friends agree to undertake the Executor role when asked to do so because they feel it would be ungrateful or disrespectful to decline or that they would be letting other family members down. However, nobody knows what their circumstances will be when the time comes and often appointed Executors are unable to act for various reasons.
Considerations when Appointing Executors
The Executors may live geographically in a very different area to yourself, in which case how practical is it to expect them to travel back and forth dealing with the many and various issues which will inevitably arise?
Up to 4 Executors can be named in the Will but these individuals all have to work together – are they going to be able to act as a team and to ‘get on’?
If you appoint your spouse, son or daughter, are they going to be able to act whilst at the same time grieving for their loss?
Often clients feel the solution is to choose a relative or friend but also to appoint a professional Executor who is used to dealing with these matters.
Here at The Will Associates, our specialist team of solicitors and paralegals spend all day every day dealing with Will and Probate matters. We have years of experience between us of meeting the needs of clients from every walk of life and serve families and individuals across England and Wales.
We recognise that each individual or family has their own unique set of circumstances and challenges and we take the time to fully understand these. We will meet with you and your loved ones in the convenience, comfort and privacy of your own home.
For a thoroughly professional and personalised service covering all aspects of estate planning call us today to put your mind at rest on 0800 847 7050.