The appointment of Executors under the terms of your Will is important. These are the people who are appointed to carry out the terms of your Will. They can also be beneficiaries as it is a common misconception that they cannot.
Your Executors have to be over 18 and you should appoint people who you trust. You can appoint more than one up to a maximum of four and if you are leaving money to minors you will be required to have at least two as any money held in Trust for a child will need to be looked after by Trustees.
Franklins can act as Executors either in the first instance or as a substitution Executor. As the area can be complex sometimes, it is a good idea to have a legal firm appointed as this will ensure that the terms of your Will and distribution are carried out correctly. There is a high liability on Executors to distribute correctly and if they do not they could face being sued by beneficiaries. Therefore, it is important that whoever you appoint has the time to deal with the estate. If you do not appoint a legal firm, the Executors will always have the opportunity to seek legal advice to assist in the administration.
Our fees for dealing with an estate depend upon the nature and size of the estate and how much work is involved. We would suggest that we have an initial meeting to discuss the estate and then we would be in a better position to provide you with a quotation for the work required. We ensure that fees are discussed at the outset of the matter so that all parties are aware of the costs involved.
If you want to make provisions for your loved ones then give us a call on 0800 294 4892 or fill out our online contact form. Our Wills and Probate department are always on hand to help.
