Have you been named as an executor in a Will?
The vast majority of people making a Will appoint other family members to be their executors, probably because they trust them and I wouldn’t argue anything against, it makes total sense, however there’s a but….
What does, being an executor actually mean?
A lot of lay executors will start with a blank piece of paper, in other words they have very little idea of what’s involved in managing a deceased person’s estate. Estate administration is the process of sorting out the legal and tax affairs. Everything from bank accounts, investments, personal belongings, to properties, pensions and Inheritance Tax (to name just a few).
Everybody that dies will need someone’s help, it can be extremely complicated and you can hit problems or barriers along the journey; the probate court and the HMRC can put hurdles in the way and make it pretty difficult to jump them. Oh and don’t get me started on family issues that can and do go wrong…
Is having a Will a good idea?
Yes of course it is, 100%, it gives the executor a set of instructions to follow, that’s got to be good news, so if anyone close to you doesn’t have a Will and you think you’re going to be left with the aftermath to sort out, try and encourage them to do the right thing. We can help.
As an executor you are legally responsible for administering the estate and distributing the assets. Just re-read that bit again… you can understand why the job is a time consuming one and a very stressful experience.
Inter-medling, what is that?
Again, a lot of family executors ‘have a go’ and then realise what a job it is, then turn to the nearest High Street solicitor for help. It is easy to see why they can (and do) charge ridiculously high fees. A stressed-out executor will just pay anything to walk away from the problem. That’s two mistakes in a row.
Why not appoint a specialist estate administration firm to do it for you. Get a fixed price for the job. Tell them to keep in touch with regular updates so you can keep tabs on how it is progressing. We can of course help you with this. Bottom line is you can be reassured everything will be dealt with properly and efficiently.
Are you in this position? Please get in touch with us here.
Will-writing & Inheritance planning Made Easy