Professional Executor services
An Executor is a person named in a Will who is responsible for ensuring that the instructions contained within it are carried out. While this sounds fairly straightforward, it can be extremely challenging, stressful and time consuming.
They will be responsible for dealing with any Inheritance Tax liability - otherwise Grant of Probate won't be given and your assets won't be released for distribution to the beneficiaries. In addition to these administrative duties and potential financial burdens, there will also be grieving relatives to deal with and perhaps even some pressure from beneficiaries of the Will to distribute funds as quickly as possible. All of which may be difficult for your Executor to cope with, especially with their own personal commitments, such as a large family or demanding job.
Why appoint a professional?
For many people, a close friend or relative is their natural choice as the Executor of their Will. But they will often overlook some key considerations:
- Is your chosen Executor the same age as you?
- Are they fairly certain to be living in the same country as you when you die?
- Do they have a busy and time-consuming job?
- Do they have (or are they planning) a family?
- Are they in good health?
These are important concerns with potentially serious consequences and can be avoided by appointing a professional Executor - yet people still choose private individuals. Not surprisingly, many of them struggle with the demands of the role. In such cases, they might enlist the help of a Solicitor but that can present its own problems, such as slow progress and rising costs...sometimes taking the family right out of the loop.
Contact us on 0800 915 0405 for more information and one of our specialists will be able to help you choose a specialist Executor, making sure that these problems dont arise. So whether you wish for your Executor to act in a 'sole' capacity, in tandem with your spouse, a relative or close friend - or simply as a backup - we cannot emphasise enough the importance of having a professional involved.
These pages give a general overview of the issues surrounding Estate Planning and are based on our understanding of the current laws and tax regulation for England & Wales, which may be subject to change. They are not intended to give advice and you should seek professional advice when planning your estate.
