It’s important to have a will if you wish for your estate to be distributed how you would like it to be. When creating your will it’s important to understand who you can appoint as executors and beneficiaries. In this blog we’ll explore the all-important question ‘can a beneficiary be an executor of a will?’.
Can an executor of a will be a beneficiary?
In short, yes It’s quite common for the executor of a will to also be a beneficiary. They can even be the main beneficiary if the deceased has appointed them. Executors can also not be appointed as beneficiaries. This often occurs when the owner of the will wants their children to inherit their entire estate, so they appoint their sibling as an executor, for example.
A person you cannot appoint as a beneficiary is someone who has witnessed your will. You will need to use two completely independent witnesses to sign your will.
What is an executor of a will?
The executor of a will is the person that deals with the estate of the deceased. Up to four executors can be appointed, but people tend to choose 1-2. The role of an executor can be quite big so appointing more than one can help better distribute your estate.
The role of an executor can include:
- Locating all financial documents of the deceased.
- Sending a copy of the death certificate to the organisation that holds the money for the deceased.
- Asking for confirmation of how much money is held.
- Calculating how much inheritance tax is due and arranging for it to be paid.
- Distributing the estate as set out in the will.
While it’s possible for an executor to act without the help of a solicitor, it’s highly recommended to obtain guidance from one. At Wright Hassall our solicitors are here to help. Get in touch with us today.
What is a beneficiary of a will?
A beneficiary of a will is a person, charity organisation or entity named in a will that receives part of or the whole of the deceased's estate, as laid out in the will. Beneficiaries can receive property, money and other valuable items belonging to the deceased.
What are the duties of an executor to a beneficiary?
The beneficiary of a will is the person who will inherit parts of, or the entire estate. This could include money and properties. Beneficiaries are usually identified within a will, but if no will has been created, beneficiaries will be decided under The Rules of Intestacy.
Anyone can be named a beneficiary, including:
- Children.
- Spouses.
- Siblings.
- Friends.
- Charities.
There are also different types of beneficiaries, such as:
- A specific beneficiary - This is where they have been left specific items like jewellery.
- A general beneficiary - This is where they have been left a sum of money or something that can’t be specifically identified.
- A demonstrative beneficiary - This is where they have been left a gift from a certain source. This could be £5,000 from a pension fund.
- A residuary beneficiary - This is where they have been left a percentage of the estate after any debts have been paid.
If you’re currently writing a will, making changes to your will or you are an executor of a will, our team of will writing and probate solicitors are here to help you navigate each process every step of the way. For advice and guidance tailored to your circumstances, get in touch with us today to see how we can help you.
