Only son - too young and too much responsibility to be an executor?

KxMx

My Nan bless her was prepared, she had a folder where we knew to look for it, with various documents and instructions. It contained things like an insurance policy she had kept private. 
Her funeral was totally pre paid (they actually ended up refunding an amount, as didn't provide cars due to covid even though it was allowed).
It helped an enormous amount when the time came. 

user1977

Spendless said:

wobble_gobble said:

Marcon said:

wobble_gobble said:

Hi there. I am a single Dad and want to appoint my son as an executor. He is 18 so can legally be appointed. My only concern is that this is potentially too much of a burden for him as he is just starting university (I have discussed it with him though and he is ok with it)
I am not originally from the UK and don't have any family here that could step in to do this.
Opinions greatly appreciated. Thanks.

Forgive the insensitivity of this question, but are you expecting to need an executor imminently?

No not at all, but just being prepared as a worst case eventuality. Even if something happened 5 years from now I feel it would be quite a burden for a 23 year old, but there have been some useful comments posted already.

if he didn't want to do it I believe he could ask a solicitor to step in instead at this point (and pay for this service).

Or rather, he can still be the executor but get the solicitor to advise and do the work.

Marcon

Just as a practical point, does he know what your various passwords are, or where he can find them (assuming you're happy to share them at this stage - otherwise make sure your solicitor or some other reliable third party has info on what can be found where).

wobble_gobble

Marcon said:

Just as a practical point, does he know what your various passwords are, or where he can find them (assuming you're happy to share them at this stage - otherwise make sure your solicitor or some other reliable third party has info on what can be found where).

Thanks that's a really useful point. I was thinking that if I did pass away he could just contact the various companies with my account numbers etc...

kuratowski

For banking account passwords, yes he should just contact the banks as soon as possible to get the accounts frozen.  But if you have a computer or other device with records and photographs saved on it, having the password will mean all that data is not lost.  It can be very, very difficult to get the data from the (mainly US-based) tech companies without that.

We were "lucky" because when my Dad died, his computer was still switched on and logged in, so we didn't lose it all. 

This experience has also prompted me to create a dropbox folder, shared with my executors, containing all my 'boring but important' electronic paperwork.

user1977

wobble_gobble said:

Marcon said:

Just as a practical point, does he know what your various passwords are, or where he can find them (assuming you're happy to share them at this stage - otherwise make sure your solicitor or some other reliable third party has info on what can be found where).

Thanks that's a really useful point. I was thinking that if I did pass away he could just contact the various companies with my account numbers etc...

Yes, there shouldn't be any need to have passwords etc for bank accounts or similar - obviously executors will tend not to have that sort of information (and if you follow the usual guidance about regularly changing your passwords, it's going to be a pain to keep the executor's master list up to date!). And they'll need to contact the banks anyway in the usual way (at which point the deceased's logins will probably be turned off and the accounts frozen).

But for other things it may be more useful e.g. I'm not sure what Google's current process is, but they used to require you to get probate in California before they'd allow any executors to access a deceased's account.

rancid-a

kuratowski said:

if you have a computer or other device with records and photographs saved on it, having the password will mean all that data is not lost.  It can be very, very difficult to get the data from the (mainly US-based) tech companies without that.

I guess those password retreiving companies would charge an arm and a leg for their services too?

Mrs_Z

Would just like to add that whilst you're sorting out the life paperwork, have you thought about also getting LPAs in place?  I think they are just as important as having a will. 
And in answer to your question, whether 23 is too young. Much depends on the person's maturity - but if he's willing to accept the role, then I'd say go for it. He will always have an option to hand it over to a solicitor if it gets too overwhelming.
I have made a list (or an appendix) to my will which lists the companies to contact where my bank accounts, SIPPs, pension, etc are. No account numbers nor passwords, but just a list which is reviewed yearly, so the Executor knows which companies to contact and doesn't have to waste time ringing around every bank on the high street!