Choosing an executor

a2mn1lt

I wondered whether anyone had had any experience of appointing a professional executor (i.e. not a family member or friend) in their will.  I am in the process of writing one and I am going to appoint my spouse as an executor, but if he dies before me, I will need another executor.  The trouble is, I don't want to put any burden on my friends as obviously this is a responsibility and a lot of work.  Neither do I have any family that will, I think, strictly adhere to my wishes to leave money to charities.  I am therefore thinking of naming a professional firm as an executor, but I don't know what to expect regarding charges and who would be best - solicitor or professional executors (if such a thing exists) or financial adviser? I don't have a large or valuable estate so it really wouldn't be complicated.  Also, does anyone actually check whether your will has been adhered to after the monies have been distributed?  Any help would be appreciated. 

p00hsticks

Aaah! Just finished a long reply and then closed the window by mistake...

There is no formal check that executors carry out the instructions in the will as they are legally obliged to do so. However, if your estate needs probate then certain charities monitor all probate and will pick up on the fact that they have been left money and proactively contact the executor. In my experience they are not pushy but will make the executor aware that they know they have been mentioned have and will follow up with the executor every six-twelve months to ask how the estate admin is progressing. 

bear in mind that if you have a trusted friend or relative who is prepared to take on the role (it is polite to ask if they are willing) then when the time comes they can always get a solicitor to take over or help, at the expense of the estate - or even walk away from the role completely.

poppystar

Should your spouse predecease who will inherit? Is it just charities? A useful piece of advice I had was to appoint whoever is the residual beneficiary as executor. Some charities will do this if they are large enough. If there is one significant charity that would benefit you could approach them now to see if that is something they would be willing to do. I must admit I don’t have a reserve executor but do update my Will every few years so would be able to change things if the executors pre deceased or became incapacitated. Of course that wouldn’t help if I became incapacitated! 

In calculating my bequests I have allowed a certain amount for professional services which obviously my residual beneficiary /executor could either use or keep in the estate. 

a2mn1lt

Thank you for the advice - I very much appreciate it.