If you want to provide for your loved ones after you die, you need to choose an executor for your will. With this in mind, Prestige Tax and Trust Services asks; how many executors are required for a will?
Role of executors
We’d strongly suggest that you write a will before you pass away. This will allow you to ensure that your loved ones can inherit any assets held in your estate (property, money, shares etc.), according to your wishes. When you make a will, you’ll need to appoint someone to serve as its ‘executor.’
An executor is the person who’s responsible for administering your estate. Their duties can include sending tax returns to the government, paying any debts you owe from the estate and distributing assets to your beneficiaries. If you don’t write a will the courts will appoint an administrator for your estate, who performs basically the same role. You can’t choose an administrator, so it’s vital you make a will so you can appoint an executor to handle your estate before you pass away.
But how many executors are you required to appoint? One? Two? Five? Ten? Under UK law, there’s no minimum number of executors required in a will, but you can’t appoint more than four. While it’s permissible to name just one person, we’d suggest you include at least two executors in your will.
Primarily, this is because one of your chosen executors may die before you do. If you appoint more than one, the surviving executor(s) will still be able to administer your estate when you pass away. This also applies if one of your executors chooses to renounce their role. However, estates with many executors can take longer to administer, so take this into account.
No matter how many people you choose to serve this role, it’s vital that you think carefully about who should be the executor(s) of your estate. The role holds a lot of responsibility, so you need to pick executors that you trust to carry out your wishes, as set down by your will.
If you choose more than one executor, we’d strongly advise you to pick people who will be able to work together. Joint executors will need to be able to communicate with each other to avoid conflict, which would make it harder for them to fulfil their duties. Aside from this, choose executors who are honest, responsible, decisive and patient, to ensure you’ll be able to trust them to administer your will according to your wishes.
Prestige Tax and Trust Services
Writing a will can be a complex process, so you might want to let Prestige Tax and Trust Service help you out. Our wills team has the legal knowledge and experience necessary to help you write a will that ensures your loved ones are provided for once you pass away.