A professionally drafted Will must be given a lot of careful thought. It is extremely important to decide who should look after your estate after you’ve gone so that you can be sure that your wishes are carried out in full.
The Executors appointed in your Will are the people that will administer your estate. They can be held personally responsible for any loss resulting from mistakes that they make, even when these were made in good faith. It is therefore important that the people that you choose are trustworthy, able to handle financial affairs, familiar with the responsibility of the role, and able to dedicate sufficient time (often between 6 and 9 months and can be longer) to administer the estate.
You must choose a minimum of one Executor in your Will but it is advisable to name at least two in case one is unable or unwilling to act when the time comes. Your Executors must be over the age of 18 and not bankrupt.
The alternative to appointing family members or friends in this role is to appoint professional Executors. MacLachlan do not charge to undertake the role of Executor and the charges for administering your estate will be calculated on the time that it takes to undertake the work, not on a percentage of the value of your overall estate (as is the case with some professional Executors such as banks).
To find out more about the role of the Executor please contact us on 01747 822103.