Wills And Trusts
Recent press reports have highlighted the fees charged by Banks, Solicitors and other professional Executors in relation to administering a deceased estate and have suggested that these could be high or unjustified.
Appointing an Executor within your Will is an important decision. The Executor's role following your death is key; all of your assets and debts become their responsibility and it is their job to ensure that the estate is properly wound up in a timely manner and distributed to your named beneficiaries. Depending on the complexity of the estate assets and circumstances, this may not be an easy task.
Most people faced with the task of winding up a relative's estate will need some advice and assistance. Your inheritance is a gift to your beneficiaries and it is important that such a gift is given without stress, worry or hassle for the recipients at what for them will be a difficult time.
A professional Executor is an expert in administering estates and will provide guidance to help your family through the appropriate steps to take. Solicitors acting as professional Executors are regulated by the Solicitors Regulation Authority and work to stringent quality standards. Similarly Banks acting as Executors work to very high service standards. An estate administered by a lay Executor who has done this job maybe once or twice at most, will undoubtedly take longer, than if a professional is involved who has the experience and insight to smooth the process.
You should also not forget the importance of having an independent professional body dealing with matters to avoid conflict between beneficiaries. If there is any possibility of a dispute following your death, then a professional Executor is essential to ensure matters are dealt with fairly and the terms of your will upheld.
Irwin Mitchell's Estate Administration service recognises further that some people will require help and support throughout the entire process of estate administration and some will only require help with key aspects, for example obtaining Probate or advising on trusts arising in the Will. Our flexible service allows your family to pick and choose the services required. Fees are variable dependant on size and complexity of the estate and agreed with the beneficiaries of your estate before we act.
The message is simple - don't underestimate the complexity and burden of the task of estate administration. Ask for details of fees and services supplied by the professional Executor and consider what asking your family to do the same job, for no reward, would actually mean to them at that time.