Don’t worry, you don’t have to choose someone to chop your bonce off just yet! Despite the Estate and Will service proving a headache for one to handle. But choosing the wrong executor for your estate can prove costly to your family in the future.
You may think that there’s not much to the job, but an executor’s responsibilities are extensive and a choice that requires perfection to carry out this accordingly.
As your personal representative for the Estate, he or she will be entrusted with several significant duties, including collecting, protecting and taking inventory of the estate’s assets; filing the estate’s tax returns and paying its taxes; handling creditors’ claims and the estate’s claims against others; making investment decisions; distributing property to beneficiaries; and liquidating assets, if necessary.
So it begs the question, who should you choose as the executor?
Naturally, either a family member or close friend will take on the mantel of the executor, but some choose to go down the route of a professional such as us at Will Protect to handle what may be an upsetting time for a friend or family member.
However, opting for a family member or a trusted friend may be a mistake! A loved one may be too too grief-stricken to function effectively, or lack the financial acumen needed for the challenging position.
Worst of all, if the executor stands to gain from the will, there may be a conflict of interest — real or perceived — which can lead to will contests or other disputes by disgruntled family members.
At Will Protect, we’re able to manage your estate in that clear and professional manner you may require, using our experience in the financial sector to mitigate inheritance tax and make sure your money ends up with your loved ones instead of in the hands of the Government.
By using financial tools such as trusts, where appropriate, we can ensure that you and your family get the maximum financial benefits, even before you die.
Today you can start putting the wheels in motion when it comes to Estate Planning, call Will Protect today on 0345 894 8441 or alternatively you can email us email@example.com