Frequently Asked Questions
What is an executor ?
An executor is someone who is named in your Will, who will sort out your estate after you’ve gone. Your estate is made up of everything you own: property, possessions, investments and money. An executor can be a family member, a friend or professional person. An executor is your representative after death.
What does an executor do ?
An executor is responsible for everything in your estate after you’ve died. Initially it will involve making sure your home and possessions are secure; produce an inventory of all the assets of the estate; informing banks and service providers that you’ve died; taking care of outstanding bills and debts; applying for probate, or confirmation as it’s known in Scotland; organising the distribution of your estate to the beneficiaries named in your Will. If you have property, the executor may have to arrange the sale of it. And if applicable, the executor will be responsible for ensuring the correct amounts of Income Tax, Capital Gains Tax and Inheritance Tax are paid.
How do I choose an executor ?
Choose someone you trust, to follow your wishes and deal with wrapping up your estate after your death. They will be dealing with all your personal possessions and financial affairs, so make sure it is someone with whom you feel comfortable. Being an executor is a big responsibility and can be an onerous task, taking several months or more. Make sure you discuss it with your proposed executors so that they know what they are agreeing to. Not everyone will have the time or energy to undertake the role so choose carefully. The executors have to be named in your Will, so ensure your Will is up to date and that the correct person or people are named. The executor makes decisions based on what is in the best interests of your estate and not what their personal views or interests are.
Who can be an executor ?
It can be a relative, a friend, a legal professional or anyone you trust to follow your wishes and implement the terms of any Will you’ve written. You can have one or more executors: it depends how complicated your affairs are and what’s involved. It’s a good idea to have a substitute executor named, incase one of the executors dies before you do, or can’t fulfil the role for some reason. An executor can also be one of the beneficiaries of your Will but is not allowed to be one of the witnesses.
Bear in mind that if you choose a spouse, partner or family member, they will also be dealing with grief and loss after your death, so consider whether they can cope with all the paperwork and decision-making too. If your estate is going to be complicated to deal with - maybe you have several properties or businesses, it might be a good idea to appoint a legal professional as an executor. Professional executors will charge a fee for the service which will have to be paid out of your estate.
How many executors should I have ?
It’s sensible to name more than one executor incase one of them dies before you do, or can’t fulfil the role for some other reason. Bear in mind that they will have to agree and work together to complete the task of concluding your affairs. Disagreements will prolong the time it takes to conclude your estate and will cost money. Having a neutral, independent person may be useful if there is the potential for family fallouts. It may get complicated if you have too many executors so keep it simple. The maximum number of executors that can act at any one time is four.
Does an executor get paid ?
If you appoint a solicitor or other professional, they will charge a fee for their services which will have to be paid out of your estate.
If your executor is a friend or relative, you can bequeath them a sum of money in your Will, as a token of your thanks. It would be reasonable for them to charge any necessary expenses they incur in the course of their duties as your executor. These would be paid out of your estate.