What is an executor and how many are you are allowed 

An Executor is an individual or corporate body named by you in your Will to sort out your affairs on your death in accordance with the law and the instructions contained in the Will. Generally this means valuing your estate, paying any debts, taxes and funeral expenses and then distributing the rest to Trustees or Beneficiaries named in the Will.

As a rule of thumb, If an individual can make a legal Will they can be an executor of one. Corporate bodies are usually professionals who charge to act as Executors and include firms of solicitors, accountants, Banks and Trust Companies.

You can name as many Executors as you like, including the entire partner list of a large firm of solicitors for example, but the Probate Registry will only allow four to act, reserving power to the rest. It is not unusual to name the partners or members of a law firm as Executors, but usually with the expressed wish that no more than two will act. Professional Executors, like solicitors, accountants and Trust Companies can be appointed, but they will only do so if the Will includes the right to charge for their services.

If the Will does not allow the Executors to charge and they accept the appointment, then they can only recover their reasonable expenses. For most private individuals, this means they can appoint a firm of solicitors to act for them and they are left with the responsibility for swearing the Oath, signing off the IHT return and signing of the Estate Accounts at the end. The solicitors will do everything else and bill the Executor, who can then pay them out of the estate.

This article was written via Paul Handford at RWFC

If you have you have any questions or queries regarding the above article please e-mail Paul Handford

Also see:

Choosing an executor
If you don't want to be an executor
Probate glossary (terms used)
Probate procedure explained liable for inheritance tax
Probate procedure explained not liable for inheritance tax

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