Can an Executor Be A Beneficiary of a Will?
Put simply, yes, an executor can be a beneficiary of a Will. When it comes to making a Will, many individuals ask whether an executor can also be a beneficiary. It’s completely normal and legal to name the same person as a beneficiary and executor.
It can be hard to understand how Wills & Probate operate. Here at Bell Lamb & Joynson, we make it our priority to ensure clients are able to organise their Will with our professional help, guidance and support. To find out more information about the role that both executors and beneficiaries play in a Will, continue reading.
The Importance of Making a Will
Making a Will is incredibly important. A Will is a legal document that allows you to decide what happens with your assets and estate once you pass away. If you happen to die without making a Will, your estate must be shared out in accordance with specific rules. These rules are known as the rules of intestacy.
If you’re married or in a civil partnership, you’ll still be able to inherit under the rules of intestacy. Without a Will, rules will dictate how your possessions should be allocated, which can cause much upset and stress for many families. The death of a loved one can cause serious financial issues for couples that are unmarried or not registered as a civil partnership.
The future isn’t promised for us all, and although it can be daunting to think about, making a Will provides a sense of relief and security. Having your finances in order before you pass away allows you to carry on with your life knowing that if anything goes wrong, your family will be able to inherit what you own.
The Differences Between Beneficiaries and Executors
What are the differences between beneficiaries and executors? Although both beneficiaries and executors have a relationship under the law and share similarities, the two are slightly different. A beneficiary is someone who inherits assets from an individual through a Will, whereas an executor manages the deceased person's estate.
A beneficiary is someone who inherits assets from an individual who has passed away. Examples of beneficiaries are children, spouses, close family members, friends and charities. As a beneficiary, you have the right to vital information about the estate - you can gain this information from an executor.
It’s common for beneficiaries to ask questions about assets included in the estate, as well as find out how much debt the estate is due to pay. It’s perfectly normal for beneficiaries to ask executors for ongoing reports and additional information during the probate process. Dealing with inheritance from a Will can be stressful at times, but there’s not a lot that a beneficiary can do during probate.
The executor of an estate has an important role. Executors are responsible for handling administration regarding the estate, applying for probate and distributing assets to individual beneficiaries that are named in the Will. Being an executor is often a tedious, complex role.
There’s a variety of tasks that executors must take on, such as locating the Will, ensuring it’s not been tampered with, having assets valued, paying off liabilities including inheritance tax and utility bills, accessing pension funds, distributing assets, getting in touch with financial institutions and notifying organisations of the death.
To ensure the estate is being managed accordingly, executors work closely with other professionals including accountants and solicitors. If you’re given the duties of an executor but feel as though you won’t be able to complete the role, you’re allowed to decline the position or appoint someone else to carry out executor duties on your behalf.
Can a Beneficiary Be an Executor of a Will?
It’s possible for a beneficiary to be an executor. It’s common for one of the main beneficiaries to take on the role of executor and this is completely legal to do. The only people that can’t be beneficiaries under a Will are individuals who witnessed it being signed.
In most cases, next of kin take on the responsibility of being an executor, but this isn’t mandatory.
If a person's affairs are complicated in some way, it’s often most suitable to appoint a professional, such as a solicitor to act as an executor. If you’re wanting to take on the duties of an executor but are worried about not being able to remain a beneficiary, you can rest assured that you’ll be able to do both.
How Bell Lamb & Joynson Can Help
Bell Lamb & Joynson aim to make the process of making a Will and dealing with a person’s estate as easy and streamlined as possible for clients. We understand how difficult it can be to deal with a Will and take on the role of executor whilst dealing with grief. Our clients are important to us and our goal is to provide professional services and a shoulder to cry on.
Our offices provide clients with a safe space to speak openly about their emotions regarding deceased family members. If you’re yet to organise a Will and need assistance doing so from our expert team of solicitors, you’ll be glad to know that we’re able to help people plan for the future and sort out their affairs.
The Bell Lamb & Joynson team provide services like no other, proving their ambition and hard work for the industry through their work ethic. You can expect bespoke advice, guidance and support at all times as well as a sensitive, personal service that puts you at ease whilst dealing with Wills &Probate.
We remain on hand to answer any ongoing questions or queries and give a quick response to emails and phone calls, ensuring clients are more than satisfied with their experience with us. Our team have accumulated a wealth of knowledge over the years, allowing us to continuously better our Wills & Probate services.
To speak directly with a member of our team, please contact us today at 03444 124348. Alternatively, you can send us an email at firstname.lastname@example.org. We look forward to hearing from you in the near future.