Being an executor in a will

Becles

My parents were talking yesterday. They are updating their will. The one they currently have is from when my brother and me were teenagers, so it talks about guardians and stuff!

Dad is getting the wills done through a service on his Barclays additions account, and being :money: he asked if me and possibly my brother would be executors instead of the bank, as he wants us to have more cash rather than paying the bank for their services.

I hope I don't need to know this for a very long time, but what exactly is involved in being an executor and what would I have to do. Dad was unsure, but thinks the bulk of the work would be left to me, as my brother now lives 350 miles away so it would be easier for me to deal locally with the relevant people.

It would be a simple will - take any personal things we want, then split the proceeds of everything else 50/50 between me and my brother.

jamjar,

I was an executor for my dad's will last year, along with my brother who lives 200 miles away. He had to write a letter handing over responsibility to me. I had to complete forms, not too difficult, and there is a helpline number which I used, they were good. I then had to attend an office and swear that the information I had put on the forms was the truth. It was all quite straightforward, although upsetting of course. You can also pay a solicitor hundreds of pounds to do it all for you!

silvercar

After the event, you could always decide that you would rather pay someone to do it and pass the work onto a solicitor or accountant. At least naming you now, gives you the option to do it.

Dick_here

I'm an executor (maybe the only one?) of my mum's will, and she's 82 now. I'm also the only child, so presumably the sole main benificiary. When the time does come, what will I actually have to do, I've really no idea at all !

Mojisola

Becles wrote: »

he asked if me and possibly my brother would be executors instead of the bank

Whatever happens, don't name the bank or a soliciter as the executor - you won't believe how much of the estate will disappear in charges.

If you ask at the library, they should have a book on "What to do when someone dies" - that will give you an idea of what you have to do as executor. As you say, it should be a very long time before you have to do anything!

Careful_with_that_Axe

Bering an executor is quite simple really - it'just a paperwork exercise as everything has to be "proved".
Your parents could help by making sure their financial paperwork is kept in order and with, perhaps, an up to date list of investment companies, amounts and account numbers etc. And that they make sure you knw where the paperwork is.
When my Mum passed away, I thought it would be quite simple as she always said that her papers were altogether, but I ended up with 3 black in bags full!
If everything is in order it's so much easier. That being said, Mum's only took a while longer as there was so much sorting out and filing to do.
That being said, I wish your parents a long, healthy life!

p.s. Did get a quote from a Soolicitor just out of interest and they wanted over £20 thousand!

pulliptears

I was an executor for Dad who died in March. Problem I found was when his ISA's were closed, the bank paid the cheque to me. I then had to bank it, and pay it out to Mum as she is still alive.

The problems this caused are detailed in a thread on the vent board from a few weeks ago, but in a nutshell my account was frozen because of a !!!! up with the ISA cheque.

It can be very simple when all goes to plan.

Careful_with_that_Axe

It does help if you open an Executor's Bank Account. I forgot to say that. Then everything repaid can be routed through that.
Such a shame that you had that problem Pullip - I missed your thread on that.

Becles

Careful_with_that_Axe wrote: »

Your parents could help by making sure their financial paperwork is kept in order and with, perhaps, an up to date list of investment companies, amounts and account numbers etc. And that they make sure you knw where the paperwork is.

My Mam is on the case with that! She's just made him clear out loads of old paperwork.

Apparantly until the 60's, banks used to send cheques back to you after they had been paid out. He had bundles of old cheques he'd used, and she found electric bills from the early 70's, plus numerous reciepts and instruction books for items that have long since been binned :eek:

benood

Becles wrote: »

plus numerous reciepts and instruction books for items that have long since been binned :eek:

Doubtless they're worth a fortune on ebay;)

Old_Hen

My late brother-in-law, after a visit to his solicitors, told me that he had named me as executor. Pity he didn't ask me first because on reading it (after a bit of a hunt) I find that, although he got my surname and my address right, my first name is wrong - he used a pet name I acquired as a baby (please don't ask). I suppose I can find documentary evidence to show to the probate registrar, to prove my identity, but I am having nightmares about court hearings coming on top of clearing his house (huge task) and selling it (huge task these days).

Has anybody had any experience of this type of error in a will, please?