The Importance of an Executor when dealing with an Estate

Did you know the appointment of an Executor is one of the most important elements during the administration of an estate?

An Executor can either be appointed by making a Will or through an application to the local Sheriff Court for the appointment of an executor - dative. 

What is an Executor?

An executor is the named appointee in a Will who you have chosen to be the person(s) and or firm who will be legally appointed to handle all matters of your estate, to include asset calculations, and distributes the finances of the estate to the best of their knowledge. The Executor must also ensure that the estate is carried out within a reasonable timeframe. The Executor must also make sure that all beneficiaries are made aware that they have been left a legacy under your Will and must ensure that any family member or beneficiary be entitled to a legal rights claim are aware of this. When choosing an executor it is empirical to take time to think about who you want to carry out your last wishes.

It is a common misconception that the oldest child of the family will automatically take the lead on your affairs and estate, this is not necessary the case. It is therefore of the highest importance for you to choose who you want to be the executor and have this identified in your Will.

Who can be chosen as an Executor?

An Executor can be a spouse, child, family member, friend or your legal firm drafting your Will. The executor does not have to be a blood relation, it should be someone who you feel you can trust and who is willing to undertake the duties and responsibility of the role. The Executor can also be named as a beneficiary within your Will and is able to benefit from your estate as well as carry out their implemented duties.

What if I have no one who can be appointed?

Should it be the circumstance you do not have someone you feel you could have appointed, you can appoint a professional body, such as a solicitor or an accountant. This can be useful should the estate be particularly large or complicated. A professional Executor can charge for these services and their fees will be met from the estate for all professional undertakings. This is a service which our firm can provide, should you wish us to do so. 

What if the person I appoint as Executor does not wish to carry out the responsibility of the role?

An executor can resign from their position if they feel they cannot or do not wish to carry out the role. Please note, resignation of an executor can only happen if there is a second in place executor, or joint executor, or if there is another party agreeing to undertake the executor role. This can be done through an application called a Deed of Assumption and Minute of Resignation. This document confirms the resignation of the Executor appointed by a Will and the assumption of a new Executor. 

Should you wish to make a Will, please contact our specialist team who can provide you more advice in respect of the role of Executor. 

Should you have a loved one who passes away and has not prepared a Will, please contact our specialist team who can also provide advice in respect of appointing you as Executor on 0141 429 8166.