Getting it right!
You may have always wanted to keep your estate and its administration within the family, but this may not always be the best idea. It might save you on costs, but it might not necessarily be worth it for something so important (no one needs family drama). If there is already some friction within the family, appointing certain family members and not others can amplify this friction.
If you anticipate that appointing family members could cause some friction within your household, or you simply want to avoid the risk of this, a possible solution is to appoint professional executors. Here are some important points to note when considering this option;
- A pro of appointing professionals is that you can rest assured they know what they are doing. As you may or may not be aware, executors have a lot of responsibility and they can even be held personally liable! This may be a responsibility you may not want to leave to your family members, or something they are not equipped for, either way you can rest assured professional executors will know how to handle it!
- Another pro is the fact that professionals will usually be insured (you can’t be too safe!)
- A third pro is that if you appoint a company (such as a law firm), there will always be someone within the company who can act as an executor for you, even if the specific person you initially met is no longer with that company.
- Choosing a professional does not necessarily mean they have to be a stranger, if you have a family solicitor or accountant you can appoint them, and this way they are aware of the family dynamics already. But don’t worry if you don’t have a family solicitor and you want to appoint a professional, just be sure to leave detailed instructions as to how you want your estate to be distributed, so that both parties are clear on what is to happen.
As you can see appointing a professional can be a great decision in this scenario as it takes the immense responsibility away from your family, which can be a relief for them especially in a time of grief. It can also help to ease any family friction, and you can be sure the professional will know what they are doing.
Choosing executors doesn’t have to be a one time decision, so don’t worry too much if you are finding it hard to figure out what is best for you and your family, in fact it is probably best to keep your decision under regular review as your family develops and your personal assets grow (hopefully).
If this decision is something you would like help with, please get in touch with us and we will be more than happy to discuss this with you with any concerns you have on this topic!
Kleyman & Co Solicitors! The full service law firm! Helping you get the important things right!