Power reserved

What is a Power Reserved Form?

 

A Power Reserved Form, otherwise known as Form PA25, should be used to inform the Probate Registry that although you have been named as executor of a person’s will, you in fact do not wish to take on the role at the current time and wish to renounce the responsibility.

It is natural to feel guilty about not wishing to take on the role of executor. Although flattering to have been chosen, the weight of its responsibility should not be taken lightly. Always remember that if any part of the probate process is not carried out correctly, you as executor could be held personally liable.

If you feel that you’re not ready to take on this responsibility and wish to renounce your role in the probate process, you must do so before it begins. After this time, you could still be held accountable for any inaccuracies.

Registering a Power Reserved Form doesn’t have to be your only option, however. If you’re simply unable to dedicate the time or resource to probate, then you can still remain as executor, but delegate the task to a probate professional, who will oversee the entire procedure and ensure that all tasks and valuations are accurate and carried out to a high standard.

Renouncing executorship and power reserved – what do they mean?

If the executor of a Will is unable to fulfil their duties after the person has died, they are sometimes forced to renounce their responsibility by signing a “deed of renunciation” which will usually have been drafted by their probate professional and filed with the Probate Office.
 
This is a process which can often delay probate. If there are other named executors, they can continue with the probate process. However, if the person who signed the deed of renunciation was the sole or last executor, a beneficiary will then need to administer the estate if a Will is in existence.
 
If no Will was ever written, the rules of intestacy determine who shall act as administrator, with the responsibilities of administering the Estate being passed along the line of beneficiaries until one accepts. 
 
A word of caution here however – if the existing executor has already taken part in any aspect of the probate process, they cannot simply decide to then give up their duties and will not be permitted to renounce.
 
Power reserved” can only take place if a Will has been written and is often used if one of the executors lives overseas or a considerable distance away and cannot play a principal role in the administration of the Estate. Instead, other executors will take over the main aspects of the administration, with opportunity for the other person to step in at a later date if necessary.

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