Every person making a Will should nominate an Executor. The Executor must carry out your wishes that you set out in your Will.
Amongst the duties the Executor must:
1. Attend to your funeral arrangements;
2. Make sure that all of your assets and liabilities are dealt with;
3. Hold property for the benefit of your beneficiaries;
4. Administer your estate to pass on your wishes and gifts as you have directed in your Will.
This is an important role not only for the person in whom you place your trust, but in whom that person places his trust should he or she die before you.
You should consider that possibility.
The law says that if your Executor has died before you, or while administering your estate, then that persons Executor will have to act as your Legal Personal Representative in administering your Will.
Do you know who that will be?
Think also about the gifts in your Will. If you have made provision for minors, they will not receive their property in their own right as beneficiaries until they reach at least the age of 18 years. It may be longer if you direct that they have to wait until an older age. Often your Executor is the Trustee of the property left to those children. What would happen if your Executor survives you, but dies before those children reach their age? Who will then take control?
These are important matters that you need to think about if you want all of your wishes in your Will to be carried out.
Think carefully about your wishes and who will implement them for you.
If you would like us to assist please do not hesitate to contact us.
Accredited Business Law Specialist
Partner, King Cain