Executor. What if I don't have any?

BobFreeman

Many of you would think that it's some fishy business. But it's not. I don't have anyone I can trust to be an executor. Two friends I could trust with the money don't want it. My daughter and stepdaughter who will inherit - I don't think they can do it without risk of getting squeezed in the process and get a lot of unwanted stress.

How would you deal with situation like this?

P.S. Atm I have complicated estate (I guess). I have house in England and a flat in Europe.. But the house is mortgaged. And the flat is on my and my ex wife name. When we divorced we agreed I get the flat entirely and I bought her out of the house. As the result - my name is on the house title which is OK, but the EU flat is on both our names. she wrote me iou for half the price as a guarantee. But it has no date or any specifics. Just amount and signature.

So I need a legal entity I can trust with around 300k and also with execution. Or may be even 2. One for UK one for EU.

Any ideas?

elsien

Would probably have to be a solicitor if there are no family or friends willing or able to carry out the role, but there will be a cost implication for this.

SeniorSam

Those who inherit would be first choice as they have the most to benefit form getting the job done. There is no simple way when there is a difficult estate unless you are prepared to make changes prior to your death. Lawyers would be happy to act, but high costs and they will take their time. Try seeking advice from a financial advisor that specialises in Wills, Trusts etc, as they may be able to suggest a way to help.

getmore4less

How old are the kids?

As SS says the beneficiaries are the obvious choice.

by having them as the executors they have control of who they chose to do the job and can hand it off to a solicitor if needed.


One thing you could do is a dry run of your estate now.

pretend you died yesterday and are starting from scratch tomorrow.
(remember you know where everything is your executor probably won't)

Get the forms and try to do the IHT return.

That will highlight where there are complications you need to look at simplifying or documenting so someone can pick up the pieces.

once you have a handle on things you could walk your kids through the process and give them a head start when the time comes.


The UK side will probably be straight forwards but the EU property might have issues.

if still on talking terms with the ex it might be worth looking at that together as she will have similar issues being part owner.

You might also want to review the IOU to something a bit more substantial to reflect some condition on when it get paid like only on the sale of the property or maybe include deaths.

Subject to the local laws, current plans for the place and the kids position(re: their own housing) it may be worth looking at just one of you or the kid(s) becoming the owners.