Recent research has shown that while six million people have experience of acting as the executor of a Will, just 4% realise they are legally liable for the accurate distribution of the estate.
According to a survey conducted by Censuswide Castleacre Insurance, many executors do not realise how time consuming and difficult being an executor can be, with 12% stating that acting as an executor was a 'complete nightmare'.
An executor is responsible for administering the estate and is accountable to Her Majesty Revenue and Customs (HMRC) and the beneficiaries. The process of administrating the estate can be daunting given the legal paperwork, tax calculations and various administrative tasks that need to be accurately completed.
If an executor breaches their duty they can be held financially and legally liable for the consequences, even if they were unaware of their wrongdoing.
We work in partnership with estate administration specialists Kings Court Trust who can remove the stress and take on full legal liability for administering an estate.
If you would like to find out more about this service, please contact us.