Named As Executor?
January 25th, 2011 Filed under: Executor Fees — Estate Planning Author
It is currently estimated that in the UK, currently around 90,000 people each year find themselves having been involuntarily named as Executor in a Will which has moved through to probate, and are then faced with a number of subsequent fees which must be paid from the Estate of the deceased.
Fees which are likely to arise after the death of an individual include funeral costs, probate fees and of course, the dreaded Inheritance Tax bill – all of which can run into thousands of pounds collectively.
A Will is of course a binding legal contract but Executors can be removed from the document if they wish, using a document known as a Codicil. A Codicil allows alterations to be made to the content, without have to change the rest of it. However, this can only be done if the owner of the Will is still alive and has given their permission for these changes to take place.
Make no bones about it, being named the Executor of a Will attracts a great deal of responsibility. Funeral plans must be made, final bills must be settled, bank accounts closed and taxes paid. Ensure that if you have the slightest doubt that you will be able to cope with the job, or even if you are simply reluctant to do so, that you tell the owner of the Will immediately after you have been informed, telling them precisely why you feel you are not the right person to be in charge of distributing their Estate.
