What is an executor?
An executor is in charge of collecting a deceased person’s assets, paying any debts they owe, and dividing the estate between the beneficiaries. Although an executor is usually dependable and trustworthy, there is always a possibility an executor may be unwilling or unable to carry out their duties. When you draft your Will it is wise to have a substitute executor to act as a fail-safe. Find out how a
substitute executor works in this article.
What is a substitute executor?
A substitute executor is a person named in the Will that will take over the role of executor if the executor is unwilling or unable to act. An executor may be unable to perform their duties for a number of reasons.
The may happen where the executor:
- Has died before the will maker;
- Is unwilling to act;
- Is incapable of acting because of mental incapacity;
- Has divorced from the will maker;
- Is a minor;
- Dies after taking out a grant of probate but before administration is complete.
The dangers of having no executor
If no executors remain, the person seeking to enforce your Will must apply for a grant of Letters of Administration. Not only is this more costly to your beneficiaries, it carries the danger of your wishes being fought, as it requires the consent of all beneficiaries.
Your beneficiaries will not inherit under your Will if the application for the Grant fails. Subsequently, it is important to appoint a substitute executor to safeguard your beneficiaries from losing time, money, and accumulating stress.
How to appoint a substitute executor
To appoint a substitute executor simply state in your Will that if the executor is unable or unwilling to act, the substitute executor will become the executor.
When choosing multiple executors you must exercise caution. Approval from all executors is necessary in decisions relating to the estate. This could cause issues if the executors cannot agree.
Factors to consider when choosing executors
You need to consider these factors when deciding who to appoint as your executor.
- If you have only one beneficiary it is a good idea to make the beneficiary the executor.
- If your beneficiaries do not have the best relationship with one another, you should appoint a third party.
- You should pick the number of executors based on the size of your estate. If you possess a large estate it may be wise to appoint more executors.
- You need to consider factors such as the location of the beneficiary, and whether they are in the country.
- When deciding the executor you also need to pick based on the trust you have with the executor, their availability, and how responsible they are.
- The willingness of a potential executor in relation to the role is crucial.
- The role of executor is time consuming and stressful, you should not pick an executor if they seem unwilling.
Ultimately the choice is yours on who to make executor(s). You should seek legal advice however, in order to be guided towards the right choice for your situation.
Conclusion
You need to have a substitute executor, as they act as a fail safe for your will. If you have no executors, in order to carry out your will you need a grant of Letters of Administration. This results in your beneficiaries enduing greater stress and legal fees. It also can result in your wishes not being carried out if the consent of your beneficiaries is not given. Lastly, when picking an executor make sure to consider the factors in this article.
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