Outdated wills

ahfat41

i was talking to my sister in law.  We are both in our seventies and asked her who are the executors of your wills.  I was shocked to hear we are.  The wills were dreated 45 yrs ago and we were named as guardians to their children.  I advised her to update her wills as soon as possible as not keen to be executors.  They are not the type of people who are organised.  They have adult children both in Australia.  In that case can we renounce as exectuors and what will happen next?  Thanks

p00hsticks

Yes, you can renounce.

Or, when the time comes - assuming that there is actually money in the estate - you could simply engage a solicitor to carry out the work .

It's common for the executor to also be an beneficiary (it's not really polite to expect a non-professional executor to carry out the work without at least something for them at the end of it all). But if the children aren't living in the same country then they're probably not best placed to do the work.

But I agree it's best to encourage them to create a new one that more accurately reflects their current position.   

TBagpuss

YEs, you can renounce. If they haven't named any substitutes executors then if you renounce, then their children would be able to apply to administer the will. (similarly to if you died before your brother and SIL).
Alternatively, as Poohsticks says, you could, as executors, simply instruct a solicitor to deal on your behalf. The costs would be paid by the estate, not by you personally, and while you would need to sign off on paperwork the solicitors could deal with all the practicalities.

getmore4less

A lot has changed in 45years and there estate has probably changed a lot in contents and value.

A significant change is transferable nil rate bands and residential nil rate bands.

that often requires some significant changes if there is a property and nil rate band trusts have been used.