Appointing an Executor is an essential part of drafting a Will, and so the decision of who to appoint should be taken carefully. The role of an Executor can be a time-consuming and complicated one, so it is prudent to appoint someone who is willing and able to take on the role.
What does an Executor do?
An Executor will first register the death and organise the funeral. In Scotland, a death must be registered within eight days.
Next, your Executor will be required to gather an inventory of your estate. This will include all assets owned by you, i.e. property, stocks, shares and the balances of any bank accounts, both within the UK and abroad. Your Executor will then be required to deal with any debts and liabilities of your estate, including Inheritance Tax.
Once the inventory is complete with all debts, liability and tax taken into consideration, your Executor will then apply to the court to obtain Confirmation. Once this is granted, your Executor can then proceed to administer the estate and deal with the specific provisions of your Will.
What happens if you do not draft a Will and do not appoint an Executor?
If you die intestate then a family member will need to apply to the court to be named Executor of your estate. If there is disagreement within your family as to who should be appointed then the application to the court could be contested and a sheriff would then decide who should be appointed. Your Executor(s) will then apply for a grant of Confirmation and deal with administering your intestate estate.
It is important to note that if you have appointed someone as your attorney via a Power of Attorney during your lifetime this does not mean that they automatically will be appointed as Executor of your estate.
Who Should I Appoint?
Most people appoint their spouse, children or close family members as their Executors. However, your Executor does not have to be a family member – you are free to appoint whoever you want. You can appoint more than one Executor to wind up your estate.
As dealing with an estate can be complicated and time-consuming it is important to appoint someone who you believe is trustworthy and reliable. Further, your Executor is legally responsible for any mistakes made when administering an estate. It is worth discussing their responsibilities with them to check whether they would be likely to accept the role.
If you would prefer not to appoint a family member or friend or if you have a complex estate, it is worth considering appointing a solicitor. Choosing a solicitor to deal with the estate can make the period less stressful for your family and can also mean that your estate will be wound up more quickly.
Expert Executry Solicitors Clarkston, Newton Mearns, Giffnock, Netherlee, Eaglesham, Carmunnock, Stewarton & Southside Glasgow
We are a small, compassionate team which provides Executry services for families in Clarkston, Newton Mearns, Giffnock, Netherlee and the surrounding areas in Glasgow. A personal approach is important to us, so we are happy to visit you at home if it is difficult for you to come to us. Contact us today on 0141 620 0800 or fill out our online enquiry form.
