Your executors are the people who ensure the wishes in your wills are carried out. They act as trustees for your estate whilst it goes through probate. The Executors are sometimes required to act for longer if any longer term trusts are created. For example if you have a child who is under the age of inheritance (18, or an older age if you specify one) they will have to act until this obligation is discharged.
You should always have at least two Executors. Don’t worry if you can’t think of more than one person to nominate when you make your will though. The first job of a sole Executor is to choose another person or company to act with them.
It is possible to nominate a professional executor. A professional executor will bring a wealth of experience and knowledge to help your wishes be carried out quickly and efficiently. A professional executor will charge your estate for their time.
Our service, Digilegal Trustees, acts on a fixed fee basis. Other firms such as solicitors and accountants also act as professional Executors. Their charging structures are usually based on a percentage of the value of your estate, an hourly fee, or sometimes both.
Historically the term “Executrix” has been applied to female Executors. As with our conventions around Testators, we use the word “Executor” for both genders.