Executries: Choosing the Right Executor for You
Bereavement is difficult for many families, and managing a loved ones’ estate once they have passed on can be a stressful and complicated addition to an already challenging process. Handling the estate of a bereaved person is not an easy task and can often lead to rising tensions and disputes amongst surviving family members. When it comes to possessions and property, relying on an expert third party is a reliable way to guarantee a smoother, fairer, and entirely impartial transition through a sobering period.
The right executor can guide you through the process of managing your affairs with care and professionalism and ensure your assets go to the correct place once you’ve passed on. But choosing the right executor is just as important as determining how to divide your estate.
At Beveridge Philp & Ross, our team of specialist solicitors have a wealth of experience handling the legal and administrative formalities of estate management. With efficiency and consideration, we can help ease the burden of the process and will be with you every step of the way. In this blog, we’ll explore why choosing the right executor for your needs is so essential.
What is an Executor?
In Scotland, an executor is a title given to the person responsible for dealing with the estate of a deceased individual. The executor ensures their client’s property and assets are distributed according to their Will and the law of Scotland.
For this reason, your chosen executor should be someone you trust completely to carry out the instructions you leave behind. Anyone aged 18 or over can be appointed as the executor of your will. In fact, even those named as your beneficiaries can legally become executors. Some people choose to designate the role to a close loved one, such as their partner, spouse or children.
While anyone can be appointed executor of your estate, a professional third party is recommended. As well as the legal experience and accounting qualifications necessary to expertly manage the deceased’s estate, experienced executors can also remove undue stress from grieving loved ones.
In taking on the role of executor of your estate, your executor will be in charge of a great many things, including:
- Collecting and storing the relevant information pertaining to your estate and presiding over the ‘confirmation’ of the courts, which grants permission to distribute your assets amongst your beneficiaries.
- Becoming familiar with the details of your life, including the handling of your assets and becoming privy to your personal information (for example, your financial history and investments). Your executor will liaise with the organisations and individuals you have dealt with to pay off any outstanding debts and gather monies due to the estate.
- Your executor will seek out and contact your surviving loved ones and beneficiaries to explain your last will and testament and ensure your assets fall into the right hands, as per your final wishes.
Why Is it So Important to Choose the Right Executor?
Given the gravity of the obligations required of an executor, the importance of choosing the right trustee to oversee your estate’s management cannot be understated. Handling a deceased’s estate is no easy feat and requires professionalism, care, and experience in the legal and administrative formalities included in the process.
The role of executor carries a distinct set of responsibilities, and failure to oversee the process correctly can result in severe legal ramifications for those involved. So, with that in mind, how do you choose the right executor?
How to Choose the Right Executor for You
Even if you believe your estate to be straightforward and your assets minimal, it’s important to choose a professional solicitor as your executor. An experienced solicitor brings a whole host of professional and specialist knowledge to the role, which can be useful in navigating the tricky legal proceedings associated with estate management, and essential for alleviating your loved ones from the burden of the process. Furthermore, the more significant and complicated your estate is, the stronger the argument is to choose a professional executor like Beveridge Philp & Ross.
Right By Your Side, Every Step of the Way
We know that grief can be an emotionally turbulent time for those involved, with the legal process of administering the estate equally as demanding. At Beveridge, Philp & Ross, our team of trained solicitors are here to advise you every step of the way.
We have many years of experience as executors. We can take you through the procedure from start to finish, including registering the death, ingathering the assets, obtaining Confirmation and distributing the estate. Beveridge Philp & Ross is a firm of property and private client solicitors in Leith. We boast an excellent reputation with our clients for providing a wide range of services in a friendly, approachable way.
We aim to guide you through the process promptly and with understanding. Contact us today on 0131 554 6244 for a free, initial consultation. Alternatively, please send us an email through our Contact Us form, and a member of our team will be in touch shortly.