Should I use a Professional Executor?
‘Executor’ describes they or those named by a will as having legal responsibility for all the administrative work involved in the will’s execution. By definition an executor can only be named, by the deceased, in a will. If none meets this criterion an ‘administrator’ may be appointed by the courts. This may be unattractive introducing as it may potential for delay and wrangling.
Often a husband, wife or child may take the position (it’s possible to appoint up to four). Many making a will, however, feel such tasks potentially too onerous and/or anxiety provoking, for their loved ones at a time of grief (executor’s bear significant legal responsibility for their work).
In such instances a professional executor may be appointed. Typically, solicitors, banks or accountants perform the role. If so charged, they will ‘lead’ on all elements of the process, relieving family members of the burden. Charges are usually calculated based on size or complexity of estate and agreed with the family in advance.
Do I need a professional executor?
Everyone’s situation is unique, as are those left behind. Decisions on professional executor appointment may be informed by considerations such as: the administrative capability and confidence of loved ones (and by extension robustness of such attributes in case of bereavement); complexity of the estate and the anticipated emotional landscape arising from the testator’s death
(including potential for conflict).
Reasons to use a professional executor include:
1. Speed and knowledge. A professional will have legal knowledge and won’t need to research process. They should begin swiftly, progress in an ordered fashion and avoid error.
2. Impartiality. Conflict around wills may be catastrophic, rending families at a time of maximum need for cohesion. A professional will deal with matters impartially, in the best interests of beneficiaries and estate.
3. Responsibility. Executors are personally liable for errors made in the administration of an estate. Professionals will not only follow due process but stand behind their work and in case of error carry insurances.
Can I do probate myself?
You ‘can’, the better question is ‘should’ you? In truth this depends to some extent on the complexity of the estate. If very simple, a DIY approach may save money, if more complex (in particular if there is inheritance tax liability), such an attempt may produce costly mistakes.
An executor must (non-exhaustively):
Determine what property and other assets you owned, as well as your liabilities.
Arrange for current valuations of your personal possessions, property, investments.
Any pension or insurance entitlements due and also any debts and bills.
Arrange for the payment of your funeral
Establish Income Tax, Capital Gains Tax and Inheritance Tax liabilities and complete the necessary tax returns to submit to the Revenue.
Complete and submit the necessary Probate Registry forms
Arrange the clearance and sale of any property
Collect assets and pay any debts
Arrange for the distribution of legacies and gifts to your beneficiaries
Compile detailed accounts to give to the main beneficiaries
In the case of minor children being beneficiaries, then your Executor may act as Trustee for ongoing trusts, to hold their monies until they reach 18.
Even though your estate planner may not provide probate services, they will be engaged with providers and offer a useful alternative insight. Contact Confidence Wills now via www.www.hlww.co.uk if you’d like to discuss this challenging decision further.