Professional Executorship
An Executor is the person(s) or organisation you elect to administer your estate and carry out the wishes in your Will. When writing your Will deciding who to appoint as your Executor is a big decision.
Many family and friends are happy to act as an Executor; however, choosing a professional Executor to administer your estate has many benefits.
THE BENEFITS OF APPOINTING A PROFESSIONAL EXECUTOR
Responsibility
When a loved one passes away it is a very difficult time for family and friends. There is a lot to manage when administering an estate and it is a very responsible role. A professional Executor can relieve your family and friends of the burden of administering your estate. Furthermore, should an estate not be administered correctly, the Executors can be held personally responsible and indeed liable for any claims brought against the estate.
Expertise
A professional Executor will have the necessary expertise to deal with your estate. There can be many complex matters during the administration of an estate such as sorting out the deceased’s tax affairs, selling a property and managing investments to name but a few. By appointing a professional Executor, your beneficiaries can be assured that all matters will be dealt with correctly, efficiently and in the correct order to avoid any issues down the line.
Impartiality
Unfortunately, tensions amongst family members and friends are commonplace. This causes difficulties in the administration of an estate, especially if, for example, siblings do not get on and one perhaps another of the siblings is appointed the Executor. A professional Executor can ensure that all matters are dealt with impartially and in the best interests of the estate. Furthermore, should any of the beneficiaries have any queries, the Executors will have the necessary expertise to answer those queries and explain those answers in a language easily understood by those not familiar with the process.
There will always be someone available to act
When a friend or family member is appointed as an Executor, at the time you pass away, they are either unable or unwilling to act, then the Non-Contentious Probate Rules governs who will act as your personal representative. This may fall to someone who you would not want to administer your estate. Furthermore, should they act inappropriately it is a very difficult and drawn out process for your beneficiaries to remove the personal representative? As such, appointing a professional allows you to retain control. In addition, should you appoint a professional Executor to act on your behalf, there will always be someone capable of stepping into the role as your Executor.
Costs
Some people may be concerned about the costs when appointing a professional Executor. However, administering an estate is a complex process and even if a friend or family member is appointed it is likely that they will appoint a Probate specialist like ourselves to act on their behalf. Therefore, the costs associated with appointing a professional Executor or appointing a friend of family member are much the same. At Laurelo we do not charge for being the Professional Executor of the estate. We charge our fee to the estate when we completing the Full Administration of the estate after you have passed away.
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