The role of personal representative comes with a great amount of responsibility. Dealing with Estate administration can be extremely complicated however we can assist. We can take on the whole administration process on your behalf alternatively we can help with limited aspects of the work required.
The law, in relation to executors liability deems the Executor personally responsible for any loss caused by a failing to satisfactorily carry out their duties. When there is more than one executor or administrator, liability is shared and therefore, all decisions must be unanimous.
Problems can occur where:
You may be personally liable for interest and penalties due to the non-payment of debts. It also means that beneficiaries can start legal proceedings against the personal representative, to recover losses or mistakes made in the administration of the estate. If you need assistance call us
How you can Avoid Executors Liability
There are ways you can try to ensure that executors liability will not come into question. If you adhere to all required deadlines, keep meticulous records, keep beneficiaries informed and document everything; it is unlikely that you'll encounter any issues. However, a small error on a form or overlooking something important can happen, to even the most conscientious.
The role of an executor is not to be entered into lightly. If you don't feel you're able to fulfil your duties or are not comfortable with the amount of responsibility involved. You have two options:
Renounce your Right to Act
You can give up your rights to act as an executor. Consider any implications as by doing so you are standing aside so another executor can obtain probate and take charge of the estate. If you choose this course of action, you will be exempt from liability.
Appoint a Professional
If you're worried about the time involved or simply do not wish to be involved, there's no need to renounce your rights to act as executor. You could appoint a probate professional to carry out the work and take full responsibility for the estate. This way you can choose the amount of involvement you wish to have.
IWC offer probate service to relieve you of the burden. Our low cost, fixed fee is not based on the value of the estate but calculated fairly based on how much work we have to do. A full STEP member or law degree qualified professional will carry out tasks such as applying for probate, valuing the estate, filling out inheritance tax forms and will deal with all beneficiaries, creditors and HMRC.
We're probate specialists, so you can relax, safe in the knowledge that the estate is being dealt with by legal experts in the subject of estate administration. You'll no longer have to worry about liability as the responsibility will be ours. We offer free help and advice or you can book a no obligation appointment to discuss matters in person. For more information contact us.