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, the laws of intestacy. This process, called estate administration, is usually overseen by an executor named in the will. Increasingly, individuals are choosing professional executors to handle this responsibility, ensuring the process is managed with expertise and impartiality.
A professional executor is a neutral third party, such as a solicitor, accountant, trust company, or financial advisor, appointed to oversee the administration of an estate. Their role is to ensure the deceased’s wishes are executed accurately and efficiently, or to manage intestate estates in compliance with legal requirements.
Professional executors handle a wide range of tasks, including applying for probate, valuing and safeguarding assets, settling debts and taxes, and distributing the estate to beneficiaries. They also mediate disputes among beneficiaries, ensuring decisions are made fairly and without bias. Their expertise is especially valuable when managing complex estates, navigating intricate legal or tax matters, and adhering to regulatory requirements.
Appointing a professional executor offers several advantages. Their expertise ensures that the estate is managed efficiently and in compliance with legal standards, reducing the risk of errors that could lead to financial or legal complications. As impartial administrators, they can prevent or resolve disputes among beneficiaries, preserving family harmony. Additionally, professional executors relieve grieving loved ones of the administrative burden, allowing them to focus on healing.
For estates involving significant assets, international property, business interests, or complex trusts, professional executors provide the necessary skills to manage these intricacies. Similarly, they are a suitable choice when family dynamics suggest potential conflicts or when there is no trusted friend or family member available to act as an executor.
While professional executorship offers many benefits, it is important to weigh certain factors. Fees for professional executors are usually based on a percentage of the estate’s value or charged at an hourly rate, so discussing costs in advance is essential. Selecting a reputable professional with relevant experience is also critical - on our pre-approved panel are companies which we have an on-going relationship with.
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