Benefits of Appointing a Professional Executor

An Executor is the person or organisation appointed in a Will to administer the Deceased’s Estate.  

An Executor will have the responsibility of ensuring the deceased’s assets are collected, liabilities are paid, and the estate is distributed to those who benefit under the will.

Below we discuss the benefits of appointing a professional Executor as opposed to appointing a family member or friend.

Expertise

Administering an Estate can be complex, stressful and time consuming.

By appointing a professional Executor, you can ensure that complex issues are dealt with as they arise, and any necessary tax returns are completed accurately and efficiently.

At Bishop Fleming we are skilled at dealing with the necessary tax and probate compliance, but also in advising on the more complicated tax issues.  We can ensure that the estate is distributed in a tax efficient manner and ensure that Inheritance Tax reliefs are claimed where they are due.

Avoiding family disputes

Appointing a professional Executor will mean that your estate is distributed in accordance with the provisions in your will, and in an efficient and fair manner.

It is unfortunately quite common to see disputes between family members cause delays in administering the estate of a loved one.

Appointing a professional executor, means that your estate can be dealt with by an impartial third party and so minimise the risk of arguments within the family.

Removing responsibility

Executors can expose themselves to a significant amount of risk, as they may end up being held personally liable for any financial loss arising during the course of administering an Estate.

At what is sometimes also an incredibly emotional and difficult time, there can be many tasks to manage and important decisions to be made. It can hard for a grieving family member to take on this kind of responsibility. 

Therefore, appointing a professional Executor can protect your loved ones from the burden of dealing with your Estate.

Ability to act

What if the time comes and your appointed Executor either cannot act (they have predeceased you or have capacity issues) or they are unwilling to act as your Executor?

If there is no substitute Executor in your will, then you will effectively lose control of this important decision and the law will determine who is entitled to administer your estate.

If you appoint a professional Executor, you minimise this risk.  Even if the firm that you have appointed as your professional Executor has been taken over by another firm prior to your death, the successor firm will typically be entitled to act as your professional Executor in its place.

If you wish to discuss the possibility of appointing Bishop Fleming as your professional Executor, please get in touch with one of the Estate Planning & Probate Team, or your usual advisor.

Bishop Fleming Bath Limited is licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales.