Benefits of Appointing Professional Executors

The role of the Executor is of great importance and carries the legal responsibility of correctly administering a person’s estate in accordance with their Will. Executors are tasked with collating the deceased’s assets, paying off any debts and liabilities, dealing with potential inheritance tax and distributing the estate to the beneficiaries named in the Will.  An Executor can be a loved one such as your spouse or children, a close friend, or even a professional. 

There are many benefits to appointing a professional to take on the role of your Executor, which we shall discuss now. 

Expertise 

Professional Executors have extensive knowledge and experience in dealing with various aspects of estate administration. The role of an Executor can be complex if issues such as inheritance tax, capital gains tax or income tax come into consideration. Additionally, if your estate involves international assets and/or beneficiaries, agricultural land or even a business, you may want to consider appointing a professional Executor who will have the capability to navigate the legal complexities. Furthermore, if you are leaving your estate into a Trust, your professional Executor will ensure that all formalities are complied with and will act in the best interests of your chosen beneficiaries. By appointing a professional Executor, you will have peace of mind that your estate will be administered correctly and competently, in accordance with all aspects of the law and in accordance with your testamentary wishes. 

 Removing the Burden 

After you have passed, your Executor will have a plethora of duties and obligations that they will need to navigate through. This can often be difficult for an Executor if they are your family or friends, as they will be balancing their grief and emotions alongside the role they need to fulfil. 

Your Executor will need to carefully make key financial decisions during the course of administering your estate, which they can be held personally liable for if it transpires that a financial loss occurs from any negligence in their actions. It is often the case that this level of responsibility is the last thing that a bereaved family member or friend wishes to take on, during an already difficult time. When preparing your Will, it is therefore appropriate to consider what impact it may have on your family and friends, if you appoint them as your Executor. By appointing professional Executors, they will protect your loved ones from bearing the burden of dealing with your estate, and your family and friends can focus on grieving and coming to terms with your passing. 

Ability to Act

If you appoint a friend or family member to act as your Executor, something may happen to them during your lifetime which results in the appointed individual being unable to carry out their role, possibly through them predeceasing or losing their capacity. In the event that you have not appointed a substitute Executor to cover this risk, the law will determine who is entitled to deal with your affairs. By appointing professional Executors, you will minimise the risk of having no one to act for you, as somebody from your chosen firm will be able to assume this role. 

Impartiality and Efficiency

Losing a loved one can often bring about tension and frustration within the family, which an Executor needs to balance. Disputes are common, whether that be between Executors themselves, or between Executors and beneficiaries. Often this can lead to delays in dealing with your estate and may lead to additional costs arising through the need for litigation. By appointing a professional Executor, they will be able to remain impartial throughout the process and will ensure that your estate is dealt with in accordance with your wishes, in an effective and timely manner. Additionally, professional Executors are bound by professional regulations and standards, ensuring that the administration of your estate is dealt with transparently and diligently. 

If you wish to discuss appointing Jordans Solicitors to act as your professional Executor, please contact the Private Client department and we will be happy to discuss things further with you.