Appointing a law firm as your executor is an option, but it is far from compulsory, as it is sometimes portrayed by law firms to clients. When drafting a will, one of the most important decisions you’ll make is choosing your executor. This person or entity will be responsible for ensuring that your wishes are carried out after your death, including distributing assets, paying debts, and ensuring everything is handled according to the law. Many people automatically think of appointing a law firm to act as their executor, or (for rather selfish reasons) are heavily encouraged to do so by the law firm in question, which the clients agree to, believing the firm offers expertise and security. However, you do not have to appoint a law firm to serve in this role. Here are some reasons why:
1. You Can Appoint Someone You Trust
The main role of an executor is to ensure your wishes are carried out correctly. While law firms can certainly carry out this role, they’re not necessarily the best choice for everyone. You can choose someone you trust, such as a family member, a close friend, or a professional such as an accountant or IFA, to act as your executor, instead of appointing a law firm as your executor. This person, familiar with your personal life and values, may be more motivated and better-positioned to understand your wishes than a faceless organisation.
2. Costs Can Be High
Appointing a law firm as your executor may seem like a professional choice, but it can come with significant costs. Law firms typically charge a fee for their services, which can be a flat fee or a percentage of the estate’s value. This can add up quickly, especially if the estate is complex or has a high value. In contrast, a family member or trusted friend will act as executor without charging a fee, making the process more cost-effective for your beneficiaries.
3. Executors Don’t Need Legal Expertise
While a law firm brings legal expertise to the table, this is not always a necessity in a probate case. The role of an executor primarily involves administrative tasks, such as gathering the estate’s assets, paying off debts, and distributing property to beneficiaries. Although it can be complex, and is typically time-consuming, it doesn’t necessarily require in-depth legal knowledge. There are many resources available to help non-professionals navigate the probate process, and many executors successfully handle these tasks without the need for a solicitor’s help.
4. It’s Not Always the Best Option for Small or Simple Estates
If your estate is relatively simple, involving only a few assets and straightforward beneficiaries, appointing a law firm may not be necessary. For example, if your estate only consists of a house, a couple of savings accounts, and a few personal items, your family or friends might be perfectly capable of handling the responsibilities of an executor without needing professional legal services, if they have the time to deal with this themselves. In such cases, appointing a law firm as your executor could add unnecessary complexity and cost.
5. More Control Over the Process
When you appoint a family member or trusted friend as an executor, you have more control over the process. You can communicate your wishes clearly and ensure that they are carried out according to your personal values. With a law firm, there’s a degree of formality and less personal connection to the estate, which can sometimes lead to delays or a lack of communication. An individual executor, on the other hand, may be more responsive and flexible in managing your estate.
6. The Option for Professional Help When Needed
Choosing a family member or friend as an executor does not mean you are left without professional help if needed – this is the key misconception that I come across regularly in this regard. If the estate becomes complicated or there are legal issues that require expert attention, your executor can always hire a solicitor or other probate professional to help them navigate the probate process. This gives you the best of both worlds: personal oversight, with the option for professional advice if necessary.
7. The Role Can Be Shared
If you’re concerned about the complexities of the executor’s role, remember that you don’t have to rely on one person. You can appoint multiple executors to share the responsibility. For instance, you might choose one family member who you fell will be well-placed to oversee the personal aspects of your estate, such as distributing personal possessions, while another professional (like an accountant) will be better-placed in relation to handling the financial elements. This division of labour ensures the workload is balanced and reduces the burden on any one individual, allowing your executors to work as a team.
8. Peace of Mind for Your Family
Appointing a trusted family member or friend as executor can also provide peace of mind for your loved ones. Knowing that someone who is familiar with you and your family’s needs is handling your estate can reduce stress during a difficult time. It ensures that the person carrying out your wishes understands your intentions and values, which can be especially comforting for your beneficiaries.
9. Freedom of Choice for your Executors
In my view, probably the best thing about NOT appointing a law firm as your executor is that, if in due course, your executors require legal assistance with the probate process, they will have free choice over whom they appoint to do the work. From time to time, I have come across situations where a law firm appointed to act as executor in a client’s Will was then extremely reluctant to resign, and was obstructive about doing so, when the executors wished to instruct someone else. With family members or close friends appointed, your executors can instruct whomever they wish to work with when the time comes, or if they have the time and the inclination, they can tackle the work themselves. The choice is theirs, which is as it should be.
Conclusion
While appointing a law firm as your executor may seem like a convenient choice, it’s not always the best option for everyone. You can appoint a trusted family member, friend, or even a professional such as an accountant or IFA to fulfill this role without the costs and formality that come with using a law firm. The key is to choose someone you trust, who understands your wishes and is willing to take on the responsibility. Whether you choose a personal connection or professional help, the most important thing is that your estate is administered according to your wishes and with care. Professional help can always be obtained as necessary, without the need to appoint a professional executor.
Chiltern Wills is a Will writing business based in beaconsfield and run by former London solicitor, Rebecca D’Arcy. Call us or email info@chilternwills.com for a free initial conversation to see how we can help you with obtaining probate.
