Being an executor carries difficult, time consuming and complicated duties which can take months, and sometimes up to a year to complete, depending on the complications involved.
The executor must do everything, and get everything right, as they are legally responsible for administering the estate in accordance with the will and the law.
You can be held personally liable financially for any loss caused from a breach of your duties, even if the mistake was made in good faith.
For example if you:
- Fail to pay debts and liabilities
- Fail to pay all inheritance tax, income tax and capital gains tax due
- Fail to identify beneficiaries correctly and thus not correctly distributing funds, even to beneficiaries you do not know about
Disappointed family members or dependants have up to six months to make a claim after the grant of probate has been issued, while the deceased’s creditors can potentially make a claim against the personal representative for up to 12 years after the death.
We can help with expert searches to find beneficiaries, missing wills and missing assets.
If incorrect details are given to HMRC then penalties are payable and you may even be guilty of a criminal offence. We can advise and avoid these issues.
GA Solicitors is here to help. Acting as an executor can be a worrying and stressful time. We can help with all the legal, tax and administrative responsibilities – during the administration and afterwards if there are trusts to be dealt with.
Legal and administration expenses are paid from the estate so if you need help you are entitled to have reasonable expenses and costs covered for you.
See the steps involved here – we can help with all of this.
GA Solicitors deals with millions of pounds of estates each year so we have the experience and the knowledge to help.
Our fully trained lawyers offer free initial advice and guidance on executor duties and responsibilities.