Towards the end of his life, blues legend BB King put his long-serving manager, Laverne Toney, in charge of his affairs. Three of King’s children launched a legal challenge against the decision as they didn’t believe that Toney was a suitable executor.
In fact, they argued that King’s manager was stealing money, neglecting their father’s medical needs, and even preventing them from seeing him in his final days. What followed was a lengthy legal battle, with the children claiming that more than $1 million was missing from the estate.
Ultimately, a judge found that there was no evidence of wrongdoing, while the children still maintain that Toney was a bad actor. Regardless of the outcome, this story demonstrates how important it is to choose a suitable executor for your will when creating an estate plan.
This is especially true as Which? reports a rise in “rogue” executors. Their figures show that in 2024, 87 executors were taken to court and sued – this is an increase on the 72 cases recorded in 2022. The disputes arose for several reasons including misappropriation of assets and executors deliberately withholding funds.
Even if the executor doesn’t purposely go against your wishes, disputes could arise about the way they handle the estate. To avoid similar problems for your family, it’s important that you put careful thought into who you choose to manage your affairs when you’re gone.
Here are five crucial factors to consider when choosing an executor for your will.
1. How trustworthy they are
First and foremost, do you trust this person? The executor of your will is responsible for carrying out your wishes and ensuring that your beneficiaries receive their fair share of your estate. It’s important that you can be sure they will follow your instructions and won’t try to withhold funds from your loved ones or make changes to your plans.
There are any number of people you could choose including a spouse or civil partner, adult children, or even an old friend. It doesn’t matter how they are related to you, if at all, provided you can trust them fully.
2. Their relationship with your beneficiaries
The executor of your will needs to communicate with your beneficiaries and distribute assets among them. As such, you may want to consider what kind of relationship they have with the rest of the people concerned.
If one of your beneficiaries doesn’t get on well with the executor, they might be more likely to challenge decisions or criticise the executor’s handling of the estate, leading to conflicts. It could also put additional stress on your loved ones if they must communicate regularly with an individual they have a difficult relationship with.
3. Their ability to manage the task
Managing your affairs after you’re gone is a difficult task. Your executor must gather all kinds of paperwork, register your death, notify the relevant organisations, deal with solicitors, and distribute your assets. They may also need to calculate and pay Inheritance Tax (IHT) before they can access your wealth.
All this requires a person to be very organised and able to manage lots of admin. So, you might want to consider whether the individual you choose has these skills. You may need to take their work and personal schedules into account too, because if they have a very busy life already, being the executor of your will could be challenging for them.
4. Whether you need multiple executors
In the UK, there is no limit to the number of executors you can appoint. However, in England and Wales, only four executors can be granted probate (this restriction doesn’t apply in Scotland).
Choosing multiple executors means that if one person is not able to fulfil their role, you already have another trusted individual to fill in. Yet, if you only named one executor and they can’t act on your behalf for any reason, somebody else will step in and you won’t have any say in this decision.
Having multiple executors also means that they can spread the duties between them, making the role more manageable. That said, you may need to consider the interpersonal relationship of your chosen executors to avoid any disputes between them.
5. The benefits of a professional executor
If you’re finding it difficult to choose a suitable executor, you might consider the benefits of appointing a professional. For example, you could name a:
- Solicitor
- Accountant
- Financial planner.
When you choose a professional to manage your affairs, you will be more reassured that they understand the process and can competently assess your wealth and deal with administrative tasks.
Additionally, a professional executor is more likely to be impartial throughout the process. This could be especially useful if you have family members with difficult relationships because disputes are less likely to occur if everything is managed by a neutral third-party.
By considering these important factors, you can ensure that you choose the right executor for your will and your wishes are fulfilled.
Get in touch
If you need support with your estate plan, we are here to help.
Please give us a call on 01276 855717 or email info@braywealth.com today.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.
The Financial Conduct Authority does not regulate estate planning, tax planning, or will writing.
Approved by the Openwork Partnership on 27/01/2024
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