Wills and Executors
Options
geffers
Posts: 3 Newbie
in Cutting tax
Folks,
Strangely unsure which group to post this in.
I am having difficulty with respect to appointing an executor for my will. I have only one person to whom I wish to leave my possessions (daughter) and don't particularly want to give her this task but no one else immediately springs to mind.
Appreciate I could pay a solicitor but I don't really want to incur unnecessary costs.
Any suggestions appreciated.
Geoff
Strangely unsure which group to post this in.
I am having difficulty with respect to appointing an executor for my will. I have only one person to whom I wish to leave my possessions (daughter) and don't particularly want to give her this task but no one else immediately springs to mind.
Appreciate I could pay a solicitor but I don't really want to incur unnecessary costs.
Any suggestions appreciated.
Geoff
0
Comments
-
Folks,
Strangely unsure which group to post this in.
I am having difficulty with respect to appointing an executor for my will. I have only one person to whom I wish to leave my possessions (daughter) and don't particularly want to give her this task but no one else immediately springs to mind.
Appreciate I could pay a solicitor but I don't really want to incur unnecessary costs.
Any suggestions appreciated.
Geoff
Why would anyone other than close friends/family want to do the job if they have no stake in the process? If you do not want to use friends/family surely it is best to chose a professional. And professional do not come cheap. Or would you trust your daughters inheritance to a non professional who you do not know personally?
The real downside to using a solicitor is that they can be extremely slow.0 -
It is really not that difficult a task, especially if the executor is the sole beneficiary. Make her your executor, and if nessasary she can high a professional to help if she needs it.
Regardless of who the executor is, make sure you keep a document outlining wher all your money and rpinvestments are kept. Also keep a record of any gifts over your £3000 annual IHT exempt allowance you have made for the previous 7 years.0 -
There is a section on wills etc in "Household & Travel" here;
https://forums.moneysavingexpert.com/forumdisplay.php?f=2170 -
Keep_pedalling wrote: »Regardless of who the executor is, make sure you keep a document outlining wher all your money and rpinvestments are kept. Also keep a record of any gifts over your £3000 annual IHT exempt allowance you have made for the previous 7 years.
And how to find your passwords for your on-line life.0 -
In these circumstances appoint your daughter.
Make it as easy as possible for her by keeping full and accurate records of your financial transactions.
Write a list (and keep it up to date) of all your assets/liabilities - store in a safe place.
Make a note of any pensions you receive/expect to receive and details of the administrators.
Inform your daughter where you keep your Will, list of assets/other papers/deeds etc.0 -
Most solicitors will store your signed will for free.
You can also store it with the Probate Service -
https://www.gov.uk/government/publications/how-to-deposit-a-will-with-the-probate-service-a-guide-for-people-who-want-to-deposit-a-will-for-safekeeping-pa70
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards