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How many Executors should I have?

April 21, 2010 By admin 1 Comment

writeawill How many Executors should I have?

If you are Writing a Will then you will need to give careful consideration to your choice of Executor.

Firstly, an individual may appoint in their Will any number of Executors, however only a maximum of four at any time may take out the grant of Probate and act in relation to any one part of the estate (s114(1) Supreme Court Act 1981 (SCA 1981)), so there is little point in ever naming more than four Executors.

Sole Executor

The general consensus is that a Sole Executor appointment would only be sensible where a surviving spouse/civil partner takes all the residuary estate outright and there are no Trusts in the Will. Even then, it will be advisable to make provision for ‘Reserve Executors’ in case the spouse/civil partner dies before the Testator.

Multiple Executors

In our home visits across the London area we would normally advise that two Executors are appointed (if they are to be Trustees as well). For instance, if children are involved the Testators will probably want any legacies held in ongoing Trusts until the children reach adulthood. Trusts require ongoing maintenance so it is helpful to share burden and investment responsibility.

Most of our Will clients will nominate their partners they will know the Testator intimately and have a good appreciation of their assets and policies. In this instance if the Executor is unfamiliar with finances then they might want to consider a friend or family member that is, to act with them. Alternatively, they might want to employ a professional such as a trust Corporation.

Sometimes, clients want to appoint more than two Executors if they have three or four adult children and want them all to have the opportunity to act.

It is also possible to have different Executors to act in relation to different parts of an estate such as their business interests.

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Will Instructions to Executors must be fair

February 10, 2010 By admin Leave a Comment

There is a romantic notion that Writing a Will gives you the power to make your Beneficiaries and Executors jump-through hoops in the process of disbursing assets.

The thought that you will ultimately pass on a gift provided that a series of qualifying events take place is indeed wide of the mark.

The Courts take a dim view of such elaborate measures. With movies such as 80s classic Brewster’s Millions which required Richard Prior to loose $30m in 30 days in order to inherit $300m truly confined to Hollywood when it comes to actual Will writing.

Even what might seem like a genuine request such as scatter my ashes in the place where I honeymooned is unlikely to be adhered to if it is miles away from where your Executors live. A Will cannot physically propel your Executors into action above and beyond the call of duty if they do not have the inclination to oblige. So as professional Will Writers we ask that you are realistic with your wishes when you are drafting a Will. An Executor is someone you trust to disburse your legacy but be fair on them. Would you want them to feel low as they cannot carry out your far fetched Will instructions?

Our Legal Consultants are taught to ask the testators to think twice when they are writing their Wills. Have a reality check. Put yourself in the Executor’s shoes. The disbursement of a Last Will and Testimony is often hard enough, particularly as often the responsibility is bestowed upon someone who is grieving and unfamiliar with the Probate process.

If you are thinking of Writing a Will and would like more on this subject or other practical advice, please visit www.nichewills.co.uk

For more information on our Will writing Services, please complete the enquiry form on the right hand side or contact our London office on 020 7993 2044.

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Members of The Society of Will Writers

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Divorced? Then Make A Will!

December 28, 2009 By admin Leave a Comment

As London Will Writers we get a clear insight into the unpredictability of people’s feelings towards one and other. For instance, we often sense a greater bond within Will makers that are Divorced than those in current relationships. Sure there are those that truly despise their ex’s and what never consider them when writing a Will, however on the flip side there are those who have seemingly become best of friends. We also witness the unbalanced marital- split where one party appears to have moved on to a much greater extent than the other.

Making a Will is empowering and adaptable to legislate for all of these scenarios. If you read on you will formulate your own views on how a writing a Will can reflect your own wishes.

Well why is a Will necessary? Many people draft a Will to avoid family squabbles and second guessing in the event of their death. For the families of divorcees this is more likely as there will often be greater magnitude of grey areas which could ultimately culminate into distasteful court proceedings and legal challenges.

Why can it be so messy? Well divorcees are statistically more likely to divorce again. This could mean they have nurtured their own and indeed other siblings along the path of life. How can someone else determine the emotional and material importance you place on each and everyone of them? Logic might suggest that the true-bloodline is favoured but do you discount the other children you have helped raise? And, if so to what extent? The truth is only you can decide the answer to this question and the only place for legal reference is within a Will. A Will is clever for it can specify specific items like a piano to go to the most musical child, it also can divide monetary value by amount or percentage. A skilled Will Writer would be able to took through these and variety of other options to meet your needs when you write a Will.

A Will also is the most appropriate medium to specify your dying wishes, which may be to invite or exclude your ex-partner from the funeral. Suffice to say the request must be practical and contain a means of the Executors to contact them. Importantly for the Executors they can justify to sceptical relatives, and indeed the ex-partner, this is what you wanted.

You see Making a Will is not only a voice from beyond this world is also shouts what you always wanted to say but were either: too afraid; concerned what others might think; or simply never had the appropriate opportunity to say. If you are Divorced don’t think twice write a Will today as it not only benefits you but the loved ones’ you leave behind.

What is the next step, well Professional Will Writers specialise in making Wills and offer the most favourable terms when compared with traditional solicitors.