Relationships with your Successors - how they can help you & themselves after your passing
Whilst the terms of your will only come into effect once you pass, the planning and implementation of your estate plan will have hopefully occurred many years beforehand and your executor will hopefully be in a position such that they know exactly what to do and how to do it.
The role of executor can be quite difficult and may involve a great deal of work by them, therefore before selecting your executor we recommend that you speak to them and confirm that they will accept such an appointment.
Things to consider of your executor:
· Their willingness to act;
· Their age;
· Their interest in looking after the estate and the immediate family;
· Their ability to carry out the duties;
We also recommend that you appoint a joint and/or alternative executor in the event that your executor is unable or unwilling to accept the appointment.
Once you have selected your executor(s), your estate plan should be discussed in detail with them so they are fully aware of their role and responsibilities, what your estate is comprised of and what your plans are. If an executor either does not know that they are your executor or they do not know the basic details of your estate plan or your personal affairs their role becomes infinitely harder. This can have a knock-on effect such that your estate is not managed in the most effective manner and it may cause disharmony between beneficiaries or wastage of your estate. If this is to occur it will drastically reduce the effectiveness of your will and increase the likelihood of disputes and delays with the administration of your estate. If your estate includes a business it could also spell the decline or demise of that operation.
Whilst it is most common that a significant beneficiary of your estate, such as your spouse or a immediate family member, will often be appointed as the executor, there is also the option of appointing a trusted professional as an executor or co-executor so as to ensure that your plans are properly and fully complied with.
The expert team at Dooley & Solicitors can help guide you through the process of implementing a proper estate plan. We can develop a plan that is tailored to your circumstances, which will deliver exceptional value for money, ensure your needs are met during your life and that your legacy is maximised. Let us help guide you through the process of estate and business succession planning so you can move forward with clarity and confidence.Back