act as Executor

Would I, a practitioner, act as an executor for a loved one? No chance

There are many pitfalls to acting as Executor, the main one being having time to undertake everything. People think it is just a question of applying for probate and do not realise that there is a need for finding all the assets and any liabilities, that there may be tax to pay, and the issues of making distributions once all liabilities have been paid (to name a few).

There is also the issue of people making claims against the Estate, plus various timescales that things have to be done by – like inheritance tax being paid within six months from the end of the month of death, or claims within six months of date of grant under the Inheritance (Provision for family and dependents) Act 1975, or that if legacies are not paid within the first 12 months that interest is also payable.

It doesn’t help that some banks say “you don’t need probate”. They only consider what they have, not what is in the Estate as a whole. This leads to a whole lot of trouble later when it is discovered that probate is needed.

There are so many pitfalls in dealing with an Estate that I would not personally act as an Executor. I was appointed to deal with my Mum’s Will and I could not do it, not just because of time, but I was grieving and really did not feel I could do it. I started my career doing probate, so I know all the timescales and all the issues that Executors can encounter, but even so, it was less stressful to appoint an independent firm to act on my behalf.

I appreciate that this is a cost to the Estate, but I would urge Executors to seek advice before they start dealing with anything. Firstly, to make sure they know what they need to do and when, and secondly. to obtain a quote for appointing a professional to deal with this on their behalf.

I encourage all my clients to tell their families to speak with me for this very reason. That way I can point them in the right direction and give them the options and obtain a quote for them from a professional that will keep their word as to their service level agreements and will agree the costs from the beginning so that there are no surprises.

On the whole, even when costs are fixed, I generally find that overall the cost is approximately between 1-2% of the gross value which is far less than the banks used to charge and far less than some providers out there. It is not absolutely necessary to use your local high street solicitor if you do not wish to do so – there are other options and I am happy to talk to my clients about these. Trust me, paying for the work to be done is worth it to know that everything has been done properly.

I think there needs to be far more information made available to families in one place, the trouble is that there are many organisations out there who supply basic information about probate without providing details of the pitfalls involved in administering an estate and how these need to be dealt with. Getting probate does not mean that the Estate is complete, that is just the start, and I don’t think people realise the personal responsibility they carry if they act as an Executor.

Join nearly 5,000 other practitioners – sign up to our newsletter

2 responses

  1. Thanks for sharing your experiences and advice. Although we live in different countries( NZ/UK) and Estate/Executor laws and regulations may differ? (I don’t hold a legal industry background) however I can relate and appreciate, to the extent where, I was , in the past, named by my late husband, as executor and beneficiary on his half a million life/death insurance policy, where we both held between 5-6 thousand dollars combined in total debts payable at the time of his sudden unprovoked violent death, without a WILL. I didn’t file a claim or pursue executoriship at anytime following his death. I completely forgot about his insurance policy, due to the nature of his death, & attending to the needs of our 2yr old offspring at that time. As a direct result, his financial estate was administered by Government Agencies, with my signature, but without my knowledge., advice, authority, or directions. Within 5-10yrs of his death, his estate and life insurance disappeared through new bank accounts created in both me and our offsprings names, and siphoned during the 1st 2 out of 5yrs me and my offsprings were residing in another country (AUS) . If I had the information you shared in this article , when I clearly needed it, I too, would have assigned a professional to secure what was necessary at that time. I just wasn’t given the opportunity, but your article has helped immensely to bring closure to questions I did have. Thank you so much for sharing. All the best in your legal and personal journeys Sarah.

  2. Thank you for sharing your story and I am so sorry to hear about all that you have been through. It does not matter what country you are living in – everyone should seek advice from a specialist lawyer after a close family member passes away, otherwise it can cause problems if not dealt with correctly.

Read more stories

Join over 6,000 wills and probate practitioners – Check back daily for all the latest news, views, insights and best practice and sign up to our e-newsletter to receive our weekly round up every Friday morning. 

You’ll receive the latest updates, analysis, and best practice straight to your inbox.

Features