Do You Need A Professional Executor?
Not everyone will be happy to be named as an executor in a will. In fact, for some, it could truly be their worst nightmare. Not only will they have to manage their grief over the testator’s death, but then they need to quickly start work on executing their will. It can be too much responsibility for some people to take. This is why it is important to speak to those you are considering naming as executors before you do so. They can then let you know whether this is something they are willing to do.
But what happens if they aren’t happy to take on the task?
One option is to use a professional executor.
Yes, they really exist, and yes, they can help you when you need help the most.
And it might not just be because the person you are hoping to ask doesn’t want to do the job. It could be that they simply won’t have the time. Probate can take many months, and that’s without any issues arising. Your executor may have to take time off work, so they may require compensation. A professional will require compensation so why then would someone else not need paying for their services just because they knew you well? The problem then becomes an issue of fairness; other family members may see the executor as gaining more from the will than anyone else, without perhaps realising all the work that goes into dealing with probate, work that can impact on the executor’s life and day job. Feuds can erupt from something like this.
Hiring a professional executor can relieve the burden of responsibility from your family and friends. Plus, since they are well versed in what they are doing, they can deal with any problems that arise quickly, including tax questions and the setting up of trusts. They will also be able to value the estate, deal with potential claims, and trace missing beneficiaries should they need to.
The only possible downside to using a professional executor is that they can be costly, sometimes charging a large percentage of the entire estate as their fee.
IWC offers a fixed fee for this service, which will work out much less expensive than traditional solicitors’ fees, as well as giving you peace of mind that everything is running smoothly. Contact us for more details.