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1—Appointment of Executors
The person or persons who swear on oath to accept legal responsibility
for administrating the affairs of an individual upon their death. Duties
include; applying for the Grant of Probate; paying all debts and funeral
expenses; selling or temporary administration of property; completion
of documentation and dealing with relevant Life Assurance Pension
companies and /or employer benefit schemes; completion of documentation
and returns to H.M. Inland Revenue and the Capital Taxes Office and
Inheritance Tax computations (where applicable); preparation of the
“Estate Account” and correct distribution of the estate to beneficiaries
or trustees, etc.
The Executor/s accept a duty of care to ensure that the estate under
their administration is maximised to the full value (all due debts are
called in, allowances and entitlements are claimed, etc.) and should a
mistake occur they become personally liable for any loss.
If you are married and each partner is considering making a Will, the
most common and simplest method of appointing an executor is that you
each consent to be the Executor of each others Will.
You may also wish to consider the appointment of a professional
alternative Executor to act after both of you die. If you are a single
person, you may wish to appoint a professional to act as your Executor.
We can provide this service if required, ensuring that your families
affairs are dealt with as effectively and sympathetically as possible
at such a difficult and sensitive time, leaving your family free to
concentrate on other matters.
2— Appointment of
Guardians
Guardians of children have many of the same rights in law as parents.
Choose carefully, ensuring that you are confident in their ability to
care and cope. Regard should also be given as to the age of Guardians
and their financial position.
3— Property Matters
One of the many and recurring problems that arise when settling a
persons affairs is that of property ownership (house holiday home, land
holdings, etc. To avoid costly complications and possible delays in
settling your affairs regarding property, you should give due
considerations to the way property is owned before your death.
We have found that many married couples thought that the way they held
their property meant they each owned half. In the majority of cases this
proves not to be so. Under the Law of Property Act 1925 they actually
both each own the whole of it. Furthermore, the ownership of the first
to die, would die with them, meaning that their property passes directly
to the survivor and ownership could not be dealt with under their Will.
This happens in many circumstances where the property is mortgaged and
the property was bought as husband and wife. Each owned the house as a
whole, jointly and as such, are unable to leave their 50% to say,
children or other family members. It will always go to the surviving
spouse no matter what is stated.
4—Personal Bequests
Make a list of your most cherished possessions and decide upon who is to
have them. Then decide whether you wish them to have theses items
immediately upon your death or only at the time of your spouse’s death.
5—The next step
We hope that this brief guide has helped you in your preparation and
shown the importance of having a Will. There is no expense involved and
it is not complicated, frightening or tempting fate. |
