Are you an executor or someone wants to appoint you as a legal executor? Want to know what are the legal liabilities of an executor?
While most executors find that probate is fairly straight forward and appears to be a trouble free process. There have been instances and documented cases against executors who have faced personal financial or legal claims from beneficiaries.
As it may appear the only task for an executor is to interpret the will but there are many other responsibilities associated which include paying inheritance tax, valuing the deceased person’s assets and debts , paying to any creditors and then allocating the remaining assets to beneficiaries.
It is absolutely right to think that an individual carries personal liability if any mistake is made as an executor. Surprisingly a recent survey conducted by Censuswide Castleacre Insurance revealed that 96% of will executors do not realise that they are legally liable for the accurate distribution of a deceased’s estate.
There are professional indemnity covers which can be provided and utilised to cover any legal costs and expenses if problems arise. There are also some insurance covers which may help an executor cover specific risks or any legal or financial claims as a result of exercising your executor rights however there are limitations and you might be able to reclaim the cost of insurance as a part of your “reasonable expenses”.
If you are in a scenario of being appointed as an executor or someone wants to appoint you as an executor you may want to ask them if they are willing to share their financial information and not just a copy of their will. While this may sound a little uncomfortable to ask but this could save you from a lot of potential problems which may occur at a later stage. This early step of having the information ensures that the affairs are handled efficiently.
Whatever you decide it is suggested to seek legal advice to avoid any complications later as at HS Lawyers we believe that administrating the estate of a loved one could be a difficult undertaking and that too at a difficult time.
At HS Lawyers we are experienced in providing help, support and legal advice related to probates, meaning that you will not need to worry about intricacies of estate administration. We have Wills and Probate solicitors based in Wolverhampton, Birmingham and Peterborough who can contact by calls or or visiting one of our closest branch.
If you are looking to discuss a matter with a solicitor or require any legal advice related to probates or wills feel free to contact us by filling the form or contact us on 0121 525 2555.