Choosing the people who will deal with your finances
Executors are the people appointed in your Will who will deal with your financial affairs after your death:
They will need to locate your Will. It makes sense to tell your executors that they are executors ; where your Will is being kept and ensure they can get easy access to it.
They will need to locate your assets- including bank and building society accounts, life insurance policies etc- it makes sense to compile a list and keep it up to date
They will need to distribute any items in accordance with any directions in your Will and then sell the rest.
They will need to distribute the cash in accordance with the instructions in your Will
When the money is being left to children under the age of 18 the sum will be held in Trust by Trustees who are appointed under your Will.
The Trustees are usually also the Executors; though they can be different people
In choosing Executors you should consider:
Age- will they be able to cope with the work involved in realising your estate? If also chosen as trustees, are they likely to survive to the end of the Trust?
Location- will they be able to deal with the logistics of selling and or clearing your home for example?
Finances- do they have the skills to look after the distribution of all of your estate? They may be able to take expert advice but will still need to make decisions based on that advice
Wills in English Giving effect to your wishes
Edward Briscoe MPIW, 3 years post qualification experience Level 2 certificate in Dementia Awareness Wills in English, Bakery Lodge, Skirmett, RG9 6TD. 5 miles from M40 jn 5, Stokenchurch. I come to you unless you prefer otherwise.