You can choose either a person or a trust company to act as your executor. If you choose a person to be your executor he or she must be 18 years or older. Most people choose a relative or close friend as executor. If your estate is large or complicated you may wish to appoint a professional person to act as your executor, such as your lawyer or accountant, or even both.
Family members will usually agree to administer the estate without taking a fee. If you wish to name a family member in your Will, you should always discuss the role with the person in advance so that the person you choose knows what is involved with the job. Remember, also, that the person you name in your Will as executor has the right to refuse to act as your executor. Being a financial or legal expert is not necessary, as long as your executors have access to competent advisors to advise and assist them in the administration of the estate. However, executors cannot leave important decisions to others, such as whether to sell an asset or whether to invest in shares or bonds.
By contrast, if your estate is large or complicated, or you prefer not to have friends or family act as your executor, or you feel that family members of friends do not have the necessary time or experience, you should consider appointing a professional executor, despite the fact that such a person Will expect to be paid for their professional services rendered when winding up an estate. Professionals may offer the familiarity with tax law, investment management, real estate or business administration which is required to administer your estate.
Should I choose an alternate executor?
Yes, you should appoint an alternate to replace your executor in case your first choice is unwilling or unable to act as executor at your death. Even if you have chosen your spouse to be your executor it is a good idea to choose an alternate. If your executor is unable to act and you have not named an alternate in your Will, the Probate Court will have to appoint one, assuming an executor is required.
For further advice and assistance in making an Israeli or UK Will, feel free to contact Simon: 0737-40-60-40 / 0545-742-374 / [email protected]