Finding the right executor is "extremely important"
Published by Sarah Ashcroft
Britons who are thinking about writing a will
in the near future have been reminded of the importance of deciding on the ideal executor for the document.
Brian McMillan, director general at non-profit organisation The Society of Will Writers, explained his belief that it is "extremely important" to get the right executor in place. Some people may be guilty of ignoring this issue, but it is one that is undoubtedly crucial.
The reasons to appoint a suitable executor could not be clearer. By doing so, people should ensure their property, cash and assets are distributed to the relevant individuals and family members not left in a poor financial situation while the process is completed.
As such, the job performed by an executor is a challenging one and something Mr McMillan reminded Britons they should not undertake lightly.
He went on to offer some advice to people who are hoping to obtain a grant of probate in the future, although he admitted that it can be tough to do so as this is affected greatly by the executor and his or her ability to attend court and an interview.
"It must be stressed that any tax due such as Inheritance Tax has to be paid before the grant can be obtained and the responsibility to get the returns correct to HMRC is for the executors. They will be held personally liable for any underpayments or attempts to massage figures in order to avoid tax
," Mr McMillan explained.
People should be under no illusions about the importance of taking on such roles and think long and hard before allocating them to certain individuals. Considering the qualities that will be required and matching them to suitable candidates should be a priority for everybody who writes a will.
Once the perfect person has been chosen and settled upon, adding their details to the document as an executor will ensure a will is acted upon exactly as the deceased would have wished.
Published on: March 11, 2013
Did you like this article? Share it!