Two important roles
Who carries out your wishes, and who receives what you leave?
One person can be both, but the responsibilities are different.
ExecutorDeals with the estate, paperwork, debts, tax and distribution.
BeneficiaryReceives money, property or possessions under the will.
A person may be bothThat is common, but a beneficiary should not witness the will.
Who makes a good executor?
Choose people who are trustworthy, organised and likely to cope with paperwork during an emotional time.
- Ask them before naming them
- Think about age, health and location
- Consider whether co-executors can work together
- Name replacements if appropriate
What might executors need to do?
- Find the original will
- Value money, property and possessions
- Pay debts and deal with tax
- Apply for probate when needed
- Distribute the estate to beneficiaries
How can you make the job easier?
Tell executors where the original will is stored. A simple list of important accounts and documents can also make the practical work much easier.
Another useful guide
Will your executors need probate?
Probate is often part of an executor's job, but not every estate needs it.