Page 8 - November 2019 Newsletter :: Bullimores
P. 8
Bullimores Newsletter November 2019
What you need to know about
becoming an executor
Apparently, one in five people who act as executors felt If you are an executor of a parent, sibling or friend’s will,
they did not manage the estates according to the deceased these are some of the things you may need to ask them
wishes because they did not discuss it before their death. now.
WHAT IS THE FULL VALUE DO THEY HAVE A FULL HOW DO THEY
OF THEIR ESTATE, AND IS LIST OF ASSETS? WANT THEIR ESTATE
THEIR PAPERWORK Knowing exactly what the person MANAGED?
IN ORDER?
owned will make it easier to value Consideration should be given to
Are you certain you would be able the estate accurately for probate what the family as a whole wants
to manage it when they die. and to settle any inheritance to do with the family home. If
taxes. Make sure you know the there are siblings, will one hold
You will need the will itself, details of solicitors, accountants it, or will it be sold and the
property deeds, account and other relevant financial proceeds split.
numbers, passwords and logins. advisers. They can be helpful
Also any life insurance policies, in checking you have included
investment certificates, pensions everything when filling in the
and trusts. You will also need forms you will have to complete.
contact details of co-executors.
WHAT SORT OF FUNERAL WHO DO THEY WANT DISTRIBUTING
WOULD THEY LIKE? TO LEAVE THEIR THE ASSETS.
TREASURES TO?
It is helpful to know if there are Once the family have been
particular wishes. Do they want To avoid any rows it is helpful to given what they would like,
a burial, cremation, donate their have a ‘letter of wishes’ in which the executors often resort to a
bodies to research or check if they can list which precious items clearance company to dispose
they are on the NHS Organ and family heirlooms are meant of the remainder. Recently one
Donor Register. for whom. of our clients had a day party
for the friends of the deceased
couple and asked everyone who
attended to take a keepsake
which reduced the fees to the
clearance company.
ARE THEIR WILLS UP DO THEY HAVE A ARE THEY PREPARED TO
TO DATE? DIGITAL LEGACY? PAY AN EXECUTOR?
For example, the birth of a It’s important to plan how to Being an executor can involve
new grandchild might spur pass on access to digital assets a great deal of work and
grandparents to include the child when writing a will. For example, responsibility, and a payment
specifically in their wills. having access to photos stored clause should be written into
on computer, phones and the will.
tablets. The Digital Legacy
Association has public tutorials
that address the issues.
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