Archive for category Executors of a Will

Can a bankrupt be an Executor?

While on the subject of executors i just thought i’d answer this question as best as possible. This seems to crop up quite a lot so here we go…

There is nothing which states that an undischarged bankrupt cannot be appointed as an executor.

In reality it is probably not a good idea though as a bankrupt cannot open a bank account and cannot hold freehold or leasehold property.

Who can be an Executor?

Many people are unsure as to who can act as an executor and how many executors you may need or is advisable to have.

You will need a minimum of 1 and a maximum of 4 executors. An executor can be your spouse or partner, and for a couple who are looking to make a Mirror Will it is advisable that you appoint one another as the first executor as it makes things a little easier on the death of the first partner.

Beneficiaries of the Will such as children can also be executors and can be a very wise selection as they are in an ideal position to carry out the wishes contained in the Will. If there is not a partner or child willing to act then the next suitable person would be a relative, sibling or trusted friend. It is advisable that you check with these people before naming them in your Will to see if they are willing to act. If so then you will need explain what is required of an executor as most are unaware of the role and responsibilities imposed.

If you are in a situation where you have nobody else to act then you can instruct your solicitor to be the executor.

What is an Executor?

An executor is someone who is appointed by a testator (someone that is making a Will) to carry out the terms contained within a Will. An executor is appointed because he or she is trusted by the testator and is responsible for collecting in the assets of the estate, paying any debts, paying any inheritance tax and then distributing what is left to the beneficiaries named in the Will.

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