Bereavement
26 February 2024
Top Tips for Executors
You've been named as an Executor in a Will, entrusted with important responsibilities in the settling of a loved one's...
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Circumstances change. If you have a Will, it is important to review this on a regular basis to ensure it still reflects your wishes and personal circumstances. In this article, we’ll explore what changing your Executor entails.
People often review matters such as the amount to be left to individuals or who should inherit certain items. However, most don’t think to review who they have appointed as their Executor in their Will. So why is this important?
What is an Executor?
An executor is an individual who you appoint in your Will who is responsible for administering your estate when you die and for implementing the terms of your Will. For this reason, it is important to choose someone you trust and, usually, people choose to appoint their spouse or close family member. Executors have certain duties to uphold and are required to act fairly and impartially.
Typically, spouses or civil partners will appoint each other as their Executor. It is important to consider any substitute Executor you would wish to appoint in the event that your principal Executor becomes unable to act for any reason. Similarly, they may also choose an additional person to act as joint Executor. There is no set rule as to the number of Executors you require to appoint. However, where there is to be only one person appointed to act as your Executor, it is sensible to have a substitute included to ensure that there is someone who can attend to administering your estate.
You can also appoint close friends or even a trust company (such as Scullion LAW Nominees Limited for example) to act as your Executor.
It is sensible to speak to your intended Executor before naming them in your Will to check they are willing to take on the duties and responsibilities that come with the role of an Executor, though they can always ask a solicitor for help.
Changing your Executor
If you wish to change your Executor, it is possible to make this change without changing your entire Will. This can be done by using what is called a “Codicil”. A Codicil is typically used to make small changes to existing Wills. The process is simple and can be done relatively quickly and inexpensively. Once signed, your Codicil is then placed alongside your Will to be read together as one document.
if your Will has not been reviewed in many years, it may be that a fresh Will is recommended due to the number of changes required, especially if you intend to remove beneficiaries or reduce the amount someone is to inherit. It may well be that your current Will is absolutely fine. However, you may find that there is a change to be made which you hadn’t considered.
Here to guide you
If you’re considering updating your current Will or need assistance in drafting a new one, our dedicated Private Client team is here to help. We understand the importance of ensuring your wishes are clearly defined and carried out with precision. Don’t hesitate to reach out to us—our experienced team would be delighted to provide guidance and support tailored to your needs. Whether you’re revisiting your existing arrangements or starting from scratch, we’re ready to assist you every step of the way.
