Who can be executors?

You should choose people who you trust completely to be your executors.  Being an executor can be a complicated and onerous responsibility. Being an executor is also a strict legal duty.

Executors will have to value and keep track of all of the assets you own when you die. Ensure your property is properly looked after you die e.g. by maintaining insurance on your home. They will also have to complete the necessary tax forms and declarations to HMRC and ensure any payments are made.  They will need to handle the sale of any assets required (e.g. property or shares). Finally, they make the application for Grant of Probate and ensure your wishes are carried out.

You should always choose two executors.  It’s not the end if you don’t though.  If you just appoint one they can choose a second executor.

Your executors can be either a “lay” executor (e.g. a friend or family member).  A lay executor will not get paid for acting for you.

Alternatively your executor could be a professional executor.  A professional executor could be a law firm, accountant or trustee company.  Professional executors will charge for acting for your estate.  Depending on the size and complexity of your estate and also on how financially aware your executor is this could be a very sensible investment and could save time and money in the long run.