Can you be the executor of a will if you are also a beneficiary?

[askalot]

My parents have asked me if I will act as executor for their will. They've said that I'm a beneficiary along with my only sibling (he lives abroad) and are worried that this might mean I can't also be executor. Are they right?

I've no great desire to be executor, from reading some previous posts here on AAM it seems like a bit of nightmare or have I got that wrong?

 

[justsally]

Hello askalot

My parents have asked me if I will act as executor for their will. They've said that I'm a beneficiary along with my only sibling (he lives abroad) and are worried that this might mean I can't also be executor. Are they right

Yes you can be the executor and still be a beneficiary. Witnesses to the will cannot benefit from it. That's how it used to be, so if I'm wrong no doubt someone will tell me.

Justsally

 

[mallow]

Being an executor can be stressful, mostly because the process of administering estates and releasing funds takes time. The solicitor who prepared the will would be doing the administration and would be guiding you through what's involved. The best way to avoid stress is if your parent leave a written summary of where all of their assets and loans are and have their paperwork in one place where you can find it.

If your brother and yourself are the only beneficiaries, it would make sense for you to be the executor. As he lives abroad, there would be tax complications if he were to act as executor.

As an aside, there should be two executors as a precaution in the event that anything should happen to you. Your parents have probably been advised about this but you might mention it to them.

 

[Marie]

Mallow can you expand on your comment that there are tax-implications for an executor/beneficiary of an Irish estate living abroad?

 

[mallow]

It only relates to an executor, not a beneficiary. If the only executor is non resident, there is some provision in relation to CAT, where a certain amount may be held back from the estate until the Revenue are happy that they have been paid in full. It would just mean a delay I believe. Sorry I'm not sure of the details, if you're in that position you'd need to check with a solicitor.