When I take Will instructions, many of my clients automatically think that the role of the Executor is straightforward. The truth is, it is not straightforward at all.
A handful of the Executors' duties include:
a. Registering the death;
b. Arranging the funeral;
c. Valuing the estate and relaying that information to the probate registry and HMRC;
d. Paying any inheritance tax that is due;
e. Distributing the assets in accordance with the Will (or law, if there is no Will and the deceased died intestate).
There are many more duties, but above is the list of the most important ones. And THE most common important thing that gets often overlooked is this...
The logistics. It is so important to take responsibility for the property, including managing the incoming post.
Do not forget about the unoccupied property insurance.
It is important to look into the property’s policy as the normal home insurance policy may be invalid and not cover unoccupied property. The unoccupied property insurance is specialist insurance cover, and it differs from the usual home insurance.
I have seen and heard many horror stories whereby an unoccupied property is broken into because the burglars have been watching and know that no one now lives there.
As an Executor, do not take the risk.
It is the cost of the estate, if you do not take out the cover and something should happen, you will be liable for your actions or lack of action securing the property.
Please contact me if you have any questions about the above.
0207 183 4595
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
Comments