Keeping it in the family

Keeping your assets within the family is perfectly common – you’ve worked hard all your life to build up your business and property, so obviously whatever is left at the end is likely to go to your kids and/or grandkids to make sure that they can continue to enjoy your success after you’re gone.

However, keeping the administration of your estate within the family may not be such a good idea.

Do they have the skills?

Do they have the time?

If you only pick one of them, will that upset the others?

If you pick two or more of them, will they get on, or will it cause friction.

And (perhaps most importantly) do they (and you) appreciate the legal obligations of an Executor and what can happen if they get it wrong.

You could threaten to come back and haunt them if they mess it up, but assuming that you don’t believe in the afterlife, or if you expect to be enjoying it too much to interfere with your estate, one alternative is to have a professional executor, either to work with your family, or to take the responsibility off of them, and you!

A professional executor is trained to do the job and so will usually get it done quicker and that can mean cheaper in the long run.

They’ll also be insured, so that if something does go wrong, your estate is protected.

Finally, and perhaps most importantly, if you appoint a company (such as a law firm or accountancy practice) rather than an individual, 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 available.  So, no hold ups or extra expenses if there needs to be a team change.

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.

If you don’t already have a will, or you do but think it needs to be updated, make sure you discuss your choice of executor with your professional advisers as part of the plan.

Kleyman & Co Solicitors! The full service law firm!  Before, during and after life!