We have commented previously in another place on the ongoing story line on the BBC radio serial “The Archers” about Peggy Woolley’s Will and her intention to skip a generation by benefitting her grandchildren rather than her children. This decision caused a great deal of consternation amongst Peggy’s family and, following her son Tony’s accident, Peggy has now said that she intends to change her Will to leave everything to her children.
Putting aside the fact that skipping a generation can often be sensible Inheritance tax planning, Peggy also referred to the fact that a still hospital bound Tony would be an executor, when his financial decisions have been questionable in the past. This might suggest that Peggy could benefit from a careful discussion about her Will with someone experienced in this area. The choice of who is to be an executor of your Will is a crucial one as the executors will make all the decisions concerning the administration of your estate. From this it flows that the best executors will be people who are sensible in financial matters, something that has worried Peggy about Tony in the past.
If there has been any family dissention then this also means that the identity of the executors needs to be well-thought through. The last thing that anyone wants is for those disagreements to be carried forward after death, when they might be heightened by the emotion of the situation, as this can lead to deadlock in the administration of an estate if all the executors cannot agree. In some circumstances to prevent this situation arising it might be sensible to appoint independent people as executors to ensure that the estate is dealt with as smoothly as is possible.
So in our view Peggy could benefit from giving this more thought, but then again if she had the perfectly drafted Will we would have nothing to comment on.