Executor dies..then what!

Supercalafragalistic

Hello,
My wife and I want to make each other beneficiary, and executor of each others wills.
If we do this, and die ‘together’ as it were, what happens then? Can you have some sort of first reserve executor in place if that happens ? Or what else do you do?
Thankyou

olgadapolga

My husband is my executor but if he dies before me then my daughter and friend will be joint executors.

MovingForwards

Yes in your wills you should have another executor eg i name Mrs as my sole executor and trustee but if she predeceases me, is unwilling or unable to act then I appoint X

All standard and covered during discussions with your lawyer when drawing up your wills.

Keep_pedalling

You should always have at least 2 executors and preferably at least one from a younger generation.

We have 3 each other and our 2 children.

Supercalafragalistic

Thanks everyone, its nice of you to reply.
Mind has been put at rest
X

getmore4less

if there is no surviving named executor, then there is a pecking order for those that can administer.

Often a good choice is one or more of the residual beneficiaries as they are the ones hit first by administration costs so can make the choice of DIY or pay someone as it will be their money that gets used first.

If we do this, and die ‘together’ as it were

it is worth a read upon this, known as commorientes

There are some non obvious consequences for spouses in these situations.

The default that many think is "oldest dies first" does not always apply.
And the use of survivor clauses can cause further complications.

if really concerned about this discuss with a solicitor, get it wrong and it can significantly impact IHT in some circumstances.

Loads of cases cover this area.

I recently came across, Jump and Jones v Lister [2016] EWHC 2160, which makes for an interesting read on the subject of unintended consequences.

lisyloo

Are you doing diy wills?
My MiL and FIl did diy wills and named each other as executor.
This has now made things a little more complicated for us as we cannot do grant of probate online which means someone may need to take time off work to do the oath rather than do it digitally.

I would suggest getting proper (solicitor) wills which will avoid this kind issue and many others that you might not foresee yourself.

hjd

lisyloo wrote: »

Are you doing diy wills?
My MiL and FIl did diy wills and named each other as executor.
This has now made things a little more complicated for us as we cannot do grant of probate online which means someone may need to take time off work to do the oath rather than do it digitally.

I would suggest getting proper (solicitor) wills which will avoid this kind issue and many others that you might not foresee yourself.

I didn't do grant of probate online and there was nothing to swear.

AnotherJoe

lisyloo wrote: »

Are you doing diy wills?
My MiL and FIl did diy wills and named each other as executor.
This has now made things a little more complicated for us as we cannot do grant of probate online which means someone may need to take time off work to do the oath rather than do it digitally.

I would suggest getting proper (solicitor) wills which will avoid this kind issue and many others that you might not foresee yourself.

In the grand scheme of things, is one day off work, which could be a couple of hours if you pop to a local solicitors office instead of the probate office, really an issue?