Professional Executor

When someone passes away, their estate - the assets, possessions, and liabilities they leave behind - must be managed and distributed according to their Will or, in the absence of a Will, in accordance with the Laws of Intestacy. This process, called Estate Administration, is usually overseen by an executor named in the Will, or an Administrator in situations where there is no Will.  Collectively, they are known as “Personal Representatives” but will be referenced as “executors” throughout this page. 

Increasingly, individuals are choosing professional executors to handle this responsibility, ensuring the process is managed with expertise and impartiality.

Acting as Executor 

Being an executor can often be a daunting task and it’s common for those appointed as these roles to not realise they can be personally liable if things are not done correctly. 

Why you should consider appointing a professional 

A appointing a professional executor gives you peace of mind everything is being done correctly, and in the most efficient way possible. 

Executors have a legal obligation to act in the accordance with the Will and have a legal obligation to act in the best interests of the beneficiaries.  If this is not being done, a claim can be made against them on the ground of Breach of Fudicial Duty. 

Is it too late for a professional to be appointed after death?

In short, no.  Whilst a professional executor can be appointed in the Will, it is possible and common for the appointed executor to act on their behalf at the time.

Professional Executor

It is the job of the executor is to carry out the estate administration following death. 

An executor is:

• Legally responsible for the “estate assets” (money, property, possessions, etc.) of the person who has died
• Responsible for the “estate assets” from the date of death until everything has been passed to the beneficiaries (“administration period”).
• Where relevant, required to apply for probate before certain assets can be dealt with.
• During the administration period, there may be a requirement to:
  • Pay any debts of the deceased (unpaid bills, unpaid personal taxes, applying for tax refunds, etc.);
  • Inform the deceased’s employer or pension provider of the death;
  • Sell assets (properties or shares, for example);
  • Pay any Income Tax (rental income from property, for example, or profits from business investments or interest from any investments);
  • Pay any Capital Gains Tax on profits (from selling shares, property, investments, etc.); and
  • Report to HM Revenue and Customs the estate value, income and tax liability.
• Responsible for distributing the estate in accordance with the terms of the deceased’s Will or, if there is no Will, in accordance with the Rules of Intestacy.
• Required to complete estate accounts once the estate is distributed. 

It is important to note that an executor may be required to pay any remaining debts and/or tax bills personally in the event the estate is distributed to the beneficiaries and there is not enough remaining money or assets in the estate for the debts and/or tax bills to be paid.     

In deciding whether to appoint a professional or not, many people base this solely on whether the estate is complex or not, or whether there is likely to be a form of conflict following the death.  But, it is important to consider the emotional strain that families and loved ones are under at this time; there is a lot involved when it comes to administering an estate and it’s not uncommon for this to feel overwhelming to the lay person. 

Having an impartial party as the executor ensures any decisions are made without bias to any personal or emotional complications (i.e. they can easily act within the best interest of the beneficiaries and the estate) whilst also removing the added stress to families and loved ones.

How Kinherit can help

At Kinherit, we have a panel of trusted and regulated firms who we can put you in touch with who offer these services. Each firm operates differently when it comes to their fees, but these are always discussed with you at the outset before you decide whether you want to proceed. 

We do not provide professional executor services in house, as we believe it is a conflict of interest.