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Can I remain as executor to friend's will?

mum_of_joey
Posts: 59 Forumite

Many years ago, a good friend appointed me as executor to her will. We were both in our 30s or 40s then. We live in different parts of the country and she said that I should just hand it all over to a solicitor to sort out, and not get embroiled in the detail of it. She always saved her money and had high paid jobs - also owns her house, so there is likely to be a considerable estate which would pay the solicitors fees, anyway. She has no husband or partner.
I have had money troubles, especially recently, and I entered into an informal Debt Management Scheme through StepChange. I can't see things getting much better, but have avoided going into an IVA or bankruptcy (I don't qualify for a Debt Relief Order).
I understand that if you go bankrupt, you cannot be an executor to a will. However, I'm not sure of the position regarding an IVA or an unofficial Debt Management Scheme.
If I do find that an IVA is the way forward for me, does that mean that I can still be an executor to my friend's will? If not, at the end of the IVA (5 years?), can I revert to being an executor? Chances are that I will die first in any case (we are exactly the same age), in which case it's all academic, but I want to know what to tell my friend so that she can make other arrangements if necessary.
I'm assuming that in an unofficial Debt Management Scheme (which I am on), I can remain as executor for now?
Thank you.
I have had money troubles, especially recently, and I entered into an informal Debt Management Scheme through StepChange. I can't see things getting much better, but have avoided going into an IVA or bankruptcy (I don't qualify for a Debt Relief Order).
I understand that if you go bankrupt, you cannot be an executor to a will. However, I'm not sure of the position regarding an IVA or an unofficial Debt Management Scheme.
If I do find that an IVA is the way forward for me, does that mean that I can still be an executor to my friend's will? If not, at the end of the IVA (5 years?), can I revert to being an executor? Chances are that I will die first in any case (we are exactly the same age), in which case it's all academic, but I want to know what to tell my friend so that she can make other arrangements if necessary.
I'm assuming that in an unofficial Debt Management Scheme (which I am on), I can remain as executor for now?
Thank you.
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Comments
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mum_of_joey wrote: »Many years ago, a good friend appointed me as executor to her will. We were both in our 30s or 40s then. We live in different parts of the country and she said that I should just hand it all over to a solicitor to sort out, and not get embroiled in the detail of it. She always saved her money and had high paid jobs - also owns her house, so there is likely to be a considerable estate which would pay the solicitors fees, anyway. She has no husband or partner.
I have had money troubles, especially recently, and I entered into an informal Debt Management Scheme through StepChange. I can't see things getting much better, but have avoided going into an IVA or bankruptcy (I don't qualify for a Debt Relief Order).
I understand that if you go bankrupt, you cannot be an executor to a will. However, I'm not sure of the position regarding an IVA or an unofficial Debt Management Scheme.
If I do find that an IVA is the way forward for me, does that mean that I can still be an executor to my friend's will? If not, at the end of the IVA (5 years?), can I revert to being an executor? Chances are that I will die first in any case (we are exactly the same age), in which case it's all academic, but I want to know what to tell my friend so that she can make other arrangements if necessary.
I'm assuming that in an unofficial Debt Management Scheme (which I am on), I can remain as executor for now?
Thank you.0 -
mum_of_joey wrote: »Many years ago, a good friend appointed me as executor to her will.
If I do find that an IVA is the way forward for me, does that mean that I can still be an executor to my friend's will? If not, at the end of the IVA (5 years?), can I revert to being an executor?
Chances are that I will die first in any case (we are exactly the same age), in which case it's all academic
If her will is a good one, there will be another executor named in case you can't do it or predecease her - if not, she should cover that possibility.0 -
mum_of_joey wrote: »I'm assuming that in an unofficial Debt Management Scheme (which I am on), I can remain as executor for now?
Thank you.
AIUI being bankrupt doesn't preclude you from acting as an executor (although it may create difficulties in doing so) and also, you're not an executor unless & until your friend passes away.You keep using that word. I do not think it means what you think it means - Inigo Montoya, The Princess Bride0 -
mum_of_joey wrote: »I understand that if you go bankrupt, you cannot be an executor to a will. However, I'm not sure of the position regarding an IVA or an unofficial Debt Management Scheme.
Anyone over 18 can be an executor.
Being bankrupt doesn't mean you can't be an executor, but it makes life more complicated, particularly if any of the beneficiaries protest that a bankrupt is not a suitable person to be an executor. By extension, the same can apply to anyone with serious money issues.
If you want to remain as a (potential) executor, nothing to stop you, but probably worth having the conversation with your friend.0 -
If you are in money problems, and live ina different part of the country, and perhaps will be quite elderly when needed, would you really want all the travelling expense and hassle ? Even if you handed it over to a solicitor doing the main work there's cost involved sorting out details. Just tell her you no longer feel you can act as executor and ask her to appoint others0
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I think your main concern at the moment should be focussing on sorting out your own finances. This is far more important than worrying about an event that may never happen or which you can decline should you so wish.0
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mum_of_joey wrote: »Many years ago, a good friend appointed me as executor to her will.dresdendave wrote: »I think your main concern at the moment should be focussing on sorting out your own finances. This is far more important than worrying about an event that may never happen or which you can decline should you so wish.
As the OP agreed to be the friend's executor, I think it's only polite to let her know if that may not be possible now.
Not giving her the chance to arrange another executor just isn't fair.0 -
Thank you for all your comments. The general consensus seems to be that I should discuss it with my friend to give her a chance to appoint someone else - I'm not sure if I was the only one or not - and I think that that is the best thing to do. I got the feeling that I was. AnotherJoe's comment has actually made me think about all this, as I guess that all the sorting out of the house would need to be done by me as well.. I cleared my mother's house on my own 7 years ago, and, having health problems, I found it extremely hard to do, and she lived fairly locally, and as I get older I won't find it any easier. I actually hadn't thought about having to clear the house, as she has no close relatives to do it. I know that she has a number of good friends who live near to her, so it might be better for one of them to agree to do it all.0
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