Are you thinking about making a will at the moment? If so you may be asking yourself; can your executor also be a beneficiary? Keep reading, as Prestige Tax and Trust Services explains.
Why do you need to make a will?
At Prestige Tax and Trust Services we strongly believe everybody needs to make a will. A will is a legal document which you can use to name one or more people to manage your estate should you pass away.
A will allows you to dictate who will inherit your property, money, possessions etc. should you pass away. If you don’t make a will there are legal principles set in place that will determine who inherits, yet under said principles your estate may not be inherited by the person/people you would like it to be. That’s why it’s vital you learn how to make a will in England.
What is an executor? What is a beneficiary?
In order to make a will you need to appoint an executor. What is an executor? An executor is the person who’s responsible for administering your estate when you die. As long as they are of sound mind and over the age of 18 you can choose anyone to be your executor, yet a lot of people choose to go with a family member or close friend. This is because you need to choose someone you trust to administer your estate.
One of the main tasks of the executor is to ensure that your estate is doled out among your beneficiaries according to the parameters you set down in your will. A beneficiary is literally ‘someone who benefits from the will.’ The people who inherit your estate. Most people choose family and close friends as their beneficiaries as these are the individuals most people wish to benefit from their estate.
Can you choose a beneficiary to be your executor?
Here we have a clear conflict of interests. You may want to choose the same person to be your executor and a beneficiary because you both trust them to administer your will effectively and wish them to benefit from it. Can you choose a beneficiary to be your executor?
Yes. There’s nothing in UK law that prevents you from choosing a beneficiary of your will to be its executor. However we often suggest you refrain from doing so. It’s wise to appoint a solicitor as your executor because they have the legal knowledge necessary to ensure your will is administered effectively.
Prestige Tax and Trust Services
This is key to ensuring you pick the right executor. You need someone who has the legal expertise the job demands. Prestige Tax and Trust Services provides an executorship service you can depend on to ensure your estate is administered according to your wishes should you pass away.