Executors

Executors are people who are given the task of ensuring that your wishes are carried out after you're gone. It's largely a thankless task and you should think carefully about who to appoint. Executors may be your children, a solicitor, or a bank. They themselves can be a beneficiary to the will.

Professional executors will charge a fee, ranging from perhaps around £500 upwards, although some banks and solicitors will charge a fee based on the percentage value of the estate.

Banks may charge you between 2% and 5% - give careful consideration to what the charges may eventually be. If you don't appoint executors, your next of kin will usually be the people responsible for administering your estate.

See Also Inheritance Tax

Last Updated: June 2007 © Moneyextra.com

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