Why Appoint a Professional Executor?
Before appointing friends or relatives as the Executors of your Will, please take the time to read through some of the reasons why you may
wish to reconsider your decision.
Many people choose relatives or close friends as their Executors but being an Executor can be a difficult and time consuming job and has to
be carried out at a time when they may not feel up to the task.
You should bear in mind the following:
- The role of an Executor
carries some legal liability
- Decisions made by the
Executors could prove unpopular with your beneficiaries
- They must notify all
- Obtain valuations of
all estate assets owned (including properties)
- They would need to
settle any debts and pay any outstanding utility bills.
- Calculate and arrange
payment of any Inheritance Tax due.
- Submit R27 to HMRC and
register any income tax due and make full settlement.
- Prepare and submit the
- Apply for the Grant of
Probate and later register the Grant with all relevant organisations.
A professional Executor is the best choice, particularly if any of the following apply:
- Where there are
multiple assets such as: bank accounts and savings, shares, bonds and investments.
- Where a property is to
be sold or conveyed
- Where the estate is of
a high value
- Where there is a
business or the deceased was a partner in the business.
- Family trusts or large
gifts to under 18’s
- Where a potential claim
under the Provision for Family and Dependants act 1975 by someone who feels unfairly treated by the Will, or by the rules of intestacy.
- If the Will is badly
drafted, or beneficiaries cannot be traced.
Most professional Executorsand in particular banks charge high fees for acting as an Executor (around 5% of the estate value plus an hourly
charge for all the administrative work undertaken, plus the usual legal disbursements) and can be difficult to contact to see how things are progressing.
Executors named in a Will are the people appointed to deal with the administration of an estate.
Dickens & White are happy to act as executors as required, either as the only executors, or alongside family members or
friends. Depending on whether or not other executors are appointed, just one or two partners will actually prove the Will and deal with the administration.
It’s always worth considering appointing a professional executor, particularly in the following circumstances:
- if there is no one else suitable
that you would like to appoint as your executors
- if you feel uncomfortable
burdening someone else with the task of administering your estate, particularly if it’s likely to be difficult or complicated
- if you are concerned that there
may be a dispute in relation to your estate after you have died
- if you think there’s potential
for a conflict of interest to arise between your beneficiaries or executors, for example if you want to appoint a spouse and an adult child from a previous relationship
- if you are concerned that your
executors may predecease you and you would like to use professionals as a ‘back up’
- if your Will contains trusts that
will need to be administered on an ongoing basis and which will benefit from the involvement of an experiences professional
For more information on
professional executors please call us on 01223 655464