40RTY reasons to make your Will #3
Hi reader.
40RTY reasons to make your Will #3 - choose your own executors.
In England and Wales, 'rules of intestacy' determine who can administer the estate of a person who has died without leaving a Will. The duty falls initially on relatives and the order under the rules is:
* Surviving spouse/civil partner
* Sons/daughters
* Parents
* Brothers/sisters
You see, dying intestate (without a Will) means no one person has the immediate authority to act on your behalf. Instead, anyone from the list above can apply to the Probate Registry for a grant of letters of administration. Once issued, this gives that person the authority to administer your estate.
Now, let's take your children as an example. Would you trust them all to have your best interest at heart and act on behalf of the whole family? Are they all even capable of the task, even if the desire to do the right thing is there? Is everyone aware of what your wishes would have been? Would a cousin or friend be a better choice?
Where a Will is being made and the entire estate is to be left to ones spouse or civil partner, their appointment as executor in your Will is quite natural and more often than not, a great choice. Likewise, if you are not married or in a civil partnership, then perhaps the default person is your partner.
Ideally, your Will should include the appointment of more than one executor; depending on the size and complexity of the estate, my ideal number is two. There are many reasons for this, but a primary one being it spreads the administrative load.
It is also sensible to appoint at least two trustees (who can be the same people as the executors).
Look, the bottom line is whatever your circumstances, be it married, in a civil partnership, cohabiting, single, whatever, you should not only think about who you trust and can rely on to perform the important role(s), but should also make time to speak with them about the responsibility and understand their WILLingness (pardon the pun!) to accept.
Stop putting it off; contact me, Jules, to start making your Will.
Peace and blessings.
01727 576 117 - julesj@40rty.co.uk - www.40rty.co.uk
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