Q 1- I am about to make a will and now need to decide who will administer it for me when I am gone. Is it best to choose a friend or family member to do it or should I nominate a professional?
Here’s a list of pros and cons to help you decide which is best for you. Someone not professionally trained in this area is known as a ‘lay executor’:
Lay executor
Pros
- As they are personally known to you, you may feel happier about them administering your will exactly as you would have wished.
- At a cost to your estate, they can employ a professional to deal with the administration, giving them some control without having to get to grips with complicated legal paperwork
Cons
- They will be responsible for your estate and personally liable for any claims made by beneficiaries and for any expenses/debts that arise.
- Not being legally trained, they may have difficulty with the administration of the estate and carrying out the instructions in your will.
- They may find the process very time consuming and it could also be very emotional for them.
Professional executor
Pros
- Emotionally detached, allowing them to be completely unbiased which can be helpful if for example friends or relatives contest the interpretation of your will. He/she has the expertise to administer your will efficiently.
Con
- The cost of using a professional executor may be greater and the fees will be taken from your estate.
Q 2 - Do personal executors have to pay the solicitor out of their own pockets if they need or want one?
No, as ‘personal representatives’ they are entitled to employ a solicitor to administer the estate on their behalf paid for by the estate. However, the estate will only pay for one firm of solicitors, unless others with specialist knowledge are needed.
Q 3 - Can an executor be a beneficiary?
Yes, often the main beneficiary is an executor.
Beneficiaries
Codicils
Our Registered Charity Number
Gifts of Land
Inheritance tax
Marital/Civil Partnership Status
Pecuniary vs residue legacies
Restricted Legacies
Value of a legacy
Wills and Witnesses
Overseas