04
Aug 2014
Increase in Will claims against non professional Executors
Claims against non professional Executors for mishandling deceased estates have tripled according to a report by the Law Gazette.
The role of an Executor is to ensure that all of the assets belonging to the deceased person are collected in, that all liabilities are paid and that the estate is distributed in accordance with the terms of the Will. An Executor must also ensure the assets of the estate are kept safe and secure at all times. Executors are also advised to protect themselves from personal liability by carrying out bankruptcy searches where necessary and placing statutory notices.
Many people may assume that appointing their friends or family members as Executors would be cost effective and cheaper than instructing solicitors. It can, however, be a false economy. If court action has to be taken to recover assets belonging to the estate through Executors administering the estate fraudulently or through ignorance the costs of administering an estate can increase significantly.
Appointing a professional Executor can save time and stress during what is an already difficult period. The use of a professional Executor can also minimise disputes about the estate administration at a later date.
If you would like any further information or advice on this matter then please contact a member of our private client team on 0113 225 8811 or email us at nadineowens@chadlaw.co.uk
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