Choosing
Your Representatives
You must choose the person to whom you give authority to manage your affairs, either before your death in a Lasting Power of Attorney or after your death as an executor of your Will, very carefully. The person you appoint should be someone you trust to carry out your wishes and who is prepared to take on the legal responsibilities that go with their appointment.
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Probate & Executors
An executor is a person or firm appointed by you and named in your Will, whose job it is to apply for Probate and then administer your estate under the terms of your Will.
When you appoint an executor, it is important to discuss it with the person first, as it is a significant role with legal and financial responsibilities that can last many years.
Because probate rules are complex and have legal implications, many people appoint a professional executor alongside a personal executor, usually a trusted family member or close friend.
A professional executor will be able to guarantee, underwritten with Professional Indemnity Insurance, that all of the legal and financial liabilities of an executor will be met, whilst the appointment of a personal executor gives you the peace of mind that someone you know and trust is overseeing the distribution of your estate.
Lasting Powers of Attorney
A Lasting Power of Attorney - Property & Affairs (LPA) allows you to appoint a person you trust to manage your affairs should you no longer be able to do so yourself, due to illness, disability or mental incapacity. This person, known as your Attorney, has the power to manage your finances and any legal affairs such as property, investments and pensions on your behalf.
Without an LPA, should you become incapacitated the only way that a person can manage your affairs for you is to apply to the Court of Protection. This can cost up to £2,000 and take up to 10 months, in which time your financial affairs could be seriously compromised. The person making the application may not be the person you would have chosen yourself, and in some cases a court official is appointed as your attorney. You can sign an LPA at the same time as you make a Will to ensure your affairs are looked after.