Many clients do not give consideration to appointing more than one Executor under their Will. Generally, married couples or spouses will appoint each other but then not consider who is to administer their estate once they both pass away or if they pass away at the same time.
As life does not often pan out as we expect and people do pass away unexpectedly or well before their time, it is essential that when preparing a Will (or any other estate documentation) that you appoint more than one person to the nominated position of Executor. The risk associated with only appointing one person is that either that person predeceases you and you do not have capacity at that time to amend your Will or alternatively, you have passed away and the Executor passes away before your estate administration has been finalised.
If you have a current Will that you have not reviewed over a number of years or previously appointed somebody as an Executor who no longer has potential capacity to attend to that position, then you urgently need to review your documentation.
At McLaughlins, we have experienced staff to ensure that you are made aware of any risks involved in appointing parties to positions under your estate documentation, or alternatively providing you with advice as to how you should change your documentation to avoid unnecessary costs to your estate should you fail to appoint alternatives
Author: Kristy Collins
Director: Ian Kennedy