Typically when an individual makes a Will they will name an Executor(s) who, upon their death will take over as administrators for the Estate. Meaning they will be tasked with collecting up all the money, property, possessions and other assets, paying off any debts and inheritance tax, and distributing the estate to the beneficiaries.
Being an Executor is a legally binding role which subjects the individual to a lifetime liability both legally and financially for all actions undertaken on behalf of the deceased estate.
The role is varied and will probably involve; making a grant for probate application, dealing with HMRC, calculating the value of the estate, completing court papers and inheritance tax forms. If the estate is large or complex OR it is likely to any dispute the Executors role becomes even more onerous.
In summary…. The role of executor should not be undertaken lightly, it is complex and time-consuming. Can be incredibly daunting and is usually thankless. And, if the Executor is a member of the family this all comes at a time of emotional distress.
Future Legal Services are able to offer a full estate administration service to those who would prefer to pass responsibilities over to the professionals to deal with things when the time comes.
For more information on our Full Estate Administration service please complete the onsite contact form.