You may not have thought about creating a will up until this time, but if you have just recovered from a nasty illness, it may have made you think more about your mortality. You may understand the need to generate this type of document as soon as possible so that your wishes are met, but did you realise that you have to nominate somebody to manage all of this following your departure? What do you need to know about the role of an executor?
One or More
If everything is handled as efficiently as possible, you need to nominate at least one and possibly two executors. Their role will be to deal with the court so that, from a legal perspective, their appointment can be validated, and they can proceed with their work. This initial process is known as a grant of probate.
Outlining the Work
Once they are legally recognised, their work will really begin in earnest as they have to physically gather all of your assets into one place. They made need to talk with banks or other institutions and will also need to find out how many debts need to be settled. If your estate is quite complex, they may need to take steps to safeguard some of these assets or put them in trust, until everything can be distributed later.
Sometimes complications can arise, especially if one or more of the beneficiaries is a minor and not able to manage any inheritance themselves. This may prolong the deceased estate up until the time that these minors reach the appropriate age, or until the managed inheritance comes to an end.
When Issues Arise
Additional and certainly unwelcome complications arise if somebody decides that they want to contest the will. This is more likely to happen in situations where the assets are substantial, but once again, the executor will have to take this into account before their duties can be considered final.
Who Can Do This?
Do you know somebody who could take on this role, especially given its complexity as outlined? It will certainly take tenacity and the right type of personality, because this work can be quite stressful and time-consuming. You may need to discuss this frankly with your friends and if you do, it's a good idea to appoint a "backup" just in case something happens to the original appointee.
What about a Lawyer?
Another option, if you are doubting whether or not you want to appoint a family member or friend, is to talk to your lawyer and ask them to become your executor. You can also specifically seek out a deceased estate lawyer to handle your affairs.