When considering who you should appoint as your Executor in your Will, it is important to think through all of the options. In the initial meeting with our clients, we discuss the difference between a lay and professional Executor, but what exactly is the distinction and what does the role involve? Our Amye Aris, head of Wills and Probate, discusses more below.
When considering who you should appoint as your Executor in your Will, it is important to think through all of the options. In the initial meeting with our clients, we discuss the difference between a lay and professional Executor, but what exactly is the distinction and what does the role involve? Our Amye Aris, head of Wills and Probate, discusses more below.
WHAT IS THE ROLE OF AN EXECUTOR?
An Executor is a person who is legally responsible for carrying out your last wishes as set out in the Will and also administering your estate (i.e. dealing with closing accounts, selling property, the gifting of possessions etc) as well as accounting to the beneficiaries and discharging any inheritance tax liabilities.
WHEN IS IT BEST TO USE A PROFESSIONAL EXECUTOR?
The overall size of the estate and its complexity, as well as the use of any trusts in the Will may help you to decide whether a family member would be suitable for the job, or if a professional such as Solicitor would be more appropriate. The Law Society prefers a family member to be appointed where possible, especially if the estate isn’t overly large or complex to administer.
Even if you do appoint a lay person, they can then instruct a Solicitor from the outset to act on their behalf and advise them as to the process of estate administration.
On the other hand, if the estate is complex, or if beneficiaries are problematic or don’t get on, or if trusts need to be set up and registered, it may be appropriate to appoint a professional from the get-go.
ARE THERE ANY BENEFITS TO USING A PROFESSIONAL?
The benefits of a professional Executor are that they have the right expertise and impartiality to deal efficiently with your estate straight away, with no delays.
Appointing a professional also takes away the strain from a family member at a difficult time when they are grieving but also trying to navigate filling out difficult forms and the associated red tape.
HOW MUCH WOULD A PROFESSIONAL CHARGE TO DEAL WITH THE ESTATE ADMINISTRATION?
We keep up-to-date information about the costs of our probate and administration services on our website, and also provide all Executors with a Probate Pack at the outset of a matter, which sets out our fees in full.
We would agree from the beginning whether we would be acting on a fixed-fee or an hourly rate basis, and that all depends on the complexity of the matter and how much work is involved.
For example, we provide a “Grant-Extraction only” service to lay Executors, where we act as their agent on a fixed fee, they provide us with all the date of death figures to account to HMRC and also the Probate Registry, and we prepare the Estate Accounts, Inheritance Tax Return and Probate Application on their behalf.
Conversely, for more complex matters, the hourly rate of the Solicitor with overall conduct of the matter would be applied.
To speak to us further or to find out more about appointing a professional Executor in your Will please call Amye Aris on 01908 542677 or email amyearis@newleafsolicitors.co.uk
