Nobody likes to think about a loved one dying and so these conversations around death are hard to initiate. For those who do manage to have the conversation it is often uncomfortable. Sadly, it is inevitable that we will all experience a loss at some point during our lifetime. In many cases this happens without previous discussions and little planning in place, which makes a difficult time even more challenging.
Deciding who to trust with the responsibility of carrying out the instructions in your Will is one that should be carefully considered. There is no legal obligation to discuss your Will and its contents in advance. However, it is worth discussing the role of an executor with the people or person you chose, to ensure they are happy and willing to take on the role.
It’s common for a spouse, civil partner, or children to be named as an Executor(s), and there’s no rule in place regarding beneficiaries named in your Will also being your Executor(s).
The role and responsibilities of an Executor should not be taken lightly, as the person(s) appointed is legally and financially responsible for the administration of the estate. This means that the Executor can be held accountable for any mistakes, including the misdistribution of inheritance, or paying the wrong amount of Inheritance Tax. It is an unpaid role, but an Executor can be reimbursed for reasonably incurred expenses. They are also the only person(s) who can instruct a legal professional to administer the estate on their behalf.
If you would like a discussion about making or updating your Will, please call 01904 501910 or visit https://www.richardsonswills.co.uk/yorkwillwritingservice/.