The Personal Touch – Why people choose Personal Executors in their Wills.
When drafting a Will, one of the most crucial decisions individuals may face is choosing an Executor. An Executor is the person whose responsibility it is to manage the Estate and ensuring that the assets are distributed according to the Will.
Some may choose to use a professional entity, like a law firm, to fulfil this role. However, many decide to use a personal Executor, often a trusted family member or friend.
In this blog we will explore the reasoning behind why choosing a personal Executor is sometimes preferred.
Trust and familiarity
By choosing a personal Executor it allows you to entrust your affairs to someone you know and have trust in. Family members or close friends are often chosen as they are familiar with the deceased’s wishes, values and preferences. This can give peace of mind knowing that the Executor will act in the best interests of the estate and its beneficiaries.
Understanding of personal preferences
Personal executors are often familiar to the intricacies of the deceased’s life. This deeper knowledge can help when making decisions about the distribution of assets, or even if sensitive matters arise within the family. Executors who understand the wishes on a personal level are then equipped to ensure that those wishes are carried out.
Emotional support
At an already emotional time for family members, having a personal executor, such as a friend, can provide emotional support and guidance throughout the probate process. They will no doubt understand the family dynamics and can offer compassion; helping to alleviate the stress and burden with administering the estate.
Cost considerations
Whilst professional entities like law firms acting as Executors can give the expertise and impartiality that a personal Executor can’t, there are fees to pay. By choosing a personal executor it may be a cost-effective alternative, especially for straight forward cases, reducing the financial burden on the estate.
In conclusion, whilst there are certainly advantages to appointing professional entities as Executors, such as their expertise and knowledge and their accountability, you can see from the reasons above why some individuals choose the personal route.
Please note at Pro-law Services, we cannot act as a professional Executor as we are not a Solicitor’s Practice but rather a Legal Consultancy. However, we have a highly reviewed, bespoke Will Writing/Will Checking service! So, if you are thinking of drafting your Will and choosing some personal Executors, we are ready to offer a hand.
