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Executors role?

leeCal
leeCal Member Posts: 4,214 Disability Gamechanger
hi, someone has asked me to be an executor, one of four, of his estate and I’m wondering what I’d let myself in for if I agree.

Anyone had any experience of this and could offer any advice?

Comments

  • Sandy_123
    Sandy_123 Member Posts: 1,966 Pioneering
    edited September 28
    Hi I havnt got a clue personally but I have a link you might find useful below.
    https://www.co-oplegalservices.co.uk/probate-solicitors/executor-pr-administrator-duties-explained/
     It gives information what you might be looking for 
  • Reg
    Reg Member Posts: 56 Pioneering
    If you agree to become an executor there are potential personal liabilities if you get things wrong ( for example you  don't pay liabilities or pay the wrong beneficiary etc) but there is little risk if you employ a solicitor to deal with the estate . That is the usual practice with executors as you don't usually need to deal with the legalities yourself.

    It is usual to have two executors ( rather than four ) so I wonder if a trust had been included in the Will.

    In most cases being an executor is straightforward as you are just instructing a solicitor to deal with the paying of debts and legacies. It only gets tricky if there is not likely to be enough in the estate to use a solicitor and the deceased has complicated affairs, such as they are self employed, debts or potential challenges to the Will as they have more than one family.

    Hopefully the above does not put you off 
  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    Thanks @Sandy_123, I’ve read through a little and it’s quite a daunting role. I’ll do some more research. 🤔
  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    edited September 28
    Thank you @Reg, the chap,involved has three properties, two of which are in London, he also has dual nationality so it could be that relatives exist in his mother country. I’m thinking this could get very complicated especially as not one of the potential four executors is a solicitor. 
  • Reg
    Reg Member Posts: 56 Pioneering
    Also, if he has dual nationality , he may have assets overseas and need a separate Will to deal with those assets.

    It also sounds as if there could be inheritance tax issues because of the houses. 

    Appointing four executors ( rather than the two needed ) may add to the potential for executor disputes.

    You could always suggest the solicitors preparing the Will are appointed as joint executors with one or more of you.

    If the person making the Will is not using a solicitor to prepare the Will then I would be rather wary of saying yes to the executor appointment as the Will may not be fit for purpose .

    If you don't want to say no you can resign as an executor after the deceased has died but that would be a hassle for you . 


  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    edited September 28
    Thanks again @Reg, sounds like good advice. The joint executor with a solicitor sounds like a good idea actually. 

    (The person did indeed use a solicitor to draw up the will.)
  • woodbine
    woodbine Community Co-Production Group Posts: 5,251 Disability Gamechanger
    I've only ever done it once and it was pretty straight forward but if I was ever asked again I would refuse as it can be time consuming.
    Offering PIP advice to people with epilepsy.
  • janer1967
    janer1967 Member Posts: 12,211 Disability Gamechanger
    I was executor for my dads will . It was pretty straight forward though as everything just went to my mum 

    I didn't use a solicitor they had drawn up the will but wanted to charge us 2.5k to put it to probate and sort all his affairs out 

    After looking into it my brother and myself did it and the cost of probate was £80 this was 13 years ago 

    But it was a very straight forward will and 1 beneficiary 

    Your case will be far more complicated 
    Here to help with my experience in hunan resources and employment rights 
  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    edited September 28
    Thank you @woodbine, having just read an Age UK booklet on the subject as well I am getting a sense of it being too involved for me and as you say time consuming. 

    (https://www.ageuk.org.uk/globalassets/age-uk/documents/information-guides/ageukil8_how_to_be_an_executor_inf.pdf)
  • Reg
    Reg Member Posts: 56 Pioneering
    @janer1967
    You are right - if it is very straightforward you do not always need a solicitor , especially as probate has gone online recently .

    A friend got probate through in a week using the online service - all very easy.

    @leeCal situation sounds more like a minefield ! 
  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    Thanks @janer1967, yes this seems very complicated and I’d hate to get any liabilities wrong. I do like the idea of a joint executor being a solicitor, and though it might be expensive I’m pretty sure that there would be enough to cover those fees.
  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    @Reg said:
    situation sounds more like a minefield ! 
    I think you’re right, considering all things I think I might decline the invitation, I’ll sleep on it as they say.
  • leeCal
    leeCal Member Posts: 4,214 Disability Gamechanger
    Having spoken to the chap today I find that he has no intention of engaging a solicitor as a joint executor and so I have declined his offer.

    thank you everyone for your input, very helpful 

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