What is an Executor?

An executor is a person named in a will to carry out the instructions of the testator (the person who made the will). The executor's duties include:

• Gathering the testator's assets.

• Paying the testator's debts.

• Distributing the testator's assets to the beneficiaries named in the will.

• Filing the necessary paperwork with the probate court.

The executor is also responsible for ensuring that the testator's wishes are carried out in accordance with the law.

The executor is not legally required to be a solicitor or other legal professional, but it is often helpful if they have some knowledge of the law. The executor should also be someone who is trustworthy and reliable, and who is willing to take on the responsibility of carrying out the testator's wishes.

When should you use a Professional Executor?

A professional executor can be helpful if you don't know anyone who is willing or able to take on this responsibility, or if an appointment may create unnecessary tension or conflict, perhaps due to your family circumstances.

Being an executor can be a demanding role and may be time-consuming and stressful. Furthermore, if the correct processes are not followed, an executor may be held personally liable for mistakes and negligence, for example, if they fail to complete the necessary forms or do not pay the correct inheritance tax (IHT) due from the estate.

You do not necessary need to appoint a professional in your Will, your executors are free to delegate their duties to a professional when the time comes, and charge reasonable fees to your estate.

SWW Trust Corporation

If you would like to appoint a professional executor in your Will but do not have a company in mind, we’ve partnered with the SWW Trust Corporation to provide this service to Will Easy customers. You can simply select to appoint our preferred Executor service and we’ll include the relevant clause in your Will.

Will Easy Ltd is entitled to receive a commission if you elect to use our preferred Executor service, which is included in their fees and payable only when the service is required.

Full Administration

Please choose to use our professional Executor service as your first or primary Executor if you wish to appoint the SWW Trust Corporation to be responsible for the end-to-end administration of your estate. With the Full Administration service, the SWW Trust Corporation deals with everything on your behalf, from valuing assets, applying for probate to preparing accounts and distribution assets.

The standard charge for this service is currently 1.5% of the gross estate value + VAT, with a minimum fee of £1,250 + VAT. This is subject to change and may rise in line with inflation. This does not cover external disbursements such as probate registry fees, estate agents or conveyancer fees, which are met by the estate separately.

Grant Assist

Please choose to use our professional Executor service as your alternative Executor if you would like your Executors to choose whether or not to use the SWW Trust Corporation, or if you would like a alternative option if your Executors pass away before you.

This will allow your Executors to select Grant Assist as an alternative to Full Administration, where the SWW Trust Corporation can assist your Executors to apply for grant of probate and if required, prepare inheritance tax (IHT) accounts for your estate, relieving your Executors of personal liability. Your Executors will still be responsible for administering the estate, such as gathering and distributing the assets according to your wishes.

The standard charge for this service is currently £1,000 + VAT or £1,250 + VAT for larger estates where inheritance tax (IHT) is due. This is subject to change and may rise in line with inflation.

A Cautionary Note

There is a concerning trend among some will writing companies that advertise low ‘headline’ prices to automatically appoint a Professional Executor, or sell you a pre-paid probate plan which are often unnecessary and overpriced. This is currently under investigation by the Competition and Markets Authority.

At Will Easy, we want you to have the freedom to choose whether to appoint a Professional Executor or not. You should make this decision based on what you feel is right for your own circumstance, and in many cases, your close family may be best placed to manage your estate and appoint a professional only if they feel the need to do so.

It’s important to be alert to pressure selling tactics employed by unscrupulous companies. If you ever feel uncomfortable making a decision concerning your finances or estate, it’s always safer to walk away and speak to your family or close friends before committing to a decision.