Appointing a Professional Executor – Is it the Right Decision for You?

The preparation of a Will needs to cater for many different elements. One of the most important decisions you need to make is who becomes your Executor.

But what is an Executor? What is their role? And what is the debate around choosing a professional Executor?

We spoke with one of our Wills, Probate, and Trust team, solicitor Josef Lythe, to find out why a professional Executor may be the right choice for you.

What is an Executor?

This is the person, or firm, that is responsible for administering your estate after your death. It is therefore crucially important that you appoint someone you trust to manage your post-death affairs and act in accordance with your wishes.

Most people tend to appoint a spouse or close family member to be their Executor. However, you may wish to consider appointing a firm of solicitors, such as Winn Solicitors, to act as Executor.

There are many benefits to appointing a professional Executor, but also some implications to be aware of.

Benefits of appointing a professional Executor

Appointing a professional executor, rather than a family member, may take a lot of stress away from your family.

The role of the Executor is significant and can require a lot of work to be done at what is a very difficult time after having lost a loved one. The role may be too much for some people to handle while they are grieving.

There is a lot of responsibility that comes with acting as an Executor - if the estate is not dealt with correctly the Executor becomes personally liable.

Appointing a professional removes any personal liability from your family members and ensures that someone with professional expertise in administering estates is acting.

Having someone with professional expertise often means that the estate is dealt with more efficiently.

Families can be complicated and relationships can be strained following a death. Having a professional Executor guarantees impartiality should any difficulties or disputes arise.

Another important benefit is that if there is a Trust within the Will, the professional may also be acting as a Trustee which can be beneficial to ensure the assets are looked after appropriately.

Implications of appointing a professional Executor

While there are many benefits to appointing a professional Executor, there are some other things that must be considered.

Firstly, you may simply prefer a loved one to deal with your affairs, rather than a solicitor as it is a very personal matter. A lay-Executor also has the option to instruct a firm of solicitors to help them administer the Estate, without the firm themselves being formally appointed as Executor.

Another consideration is legal fees. If a firm is appointed as Executor and proceeds to act, then they will charge fees for doing so.

The fees will often be based on an hourly rate for the Solicitor dealing with the Estate and are usually taken from the assets in the Estate. However, some payments may be required on account.

This is important to consider as there will be cost implications.

It’s your choice

Ultimately, it is a decision for you to make when preparing your Will. You will need to consider the pros and cons that we have outlined in this blog and think about your specific family and financial circumstances to determine whether appointing a professional Executor is best for you.

If you are considering this, we have a useful guide outlining our fees for acting as Executor:

Contact us

If you’re considering a Will and appointing a professional Executor, call our team at Winns for a no-obligation chat about your circumstances.

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