Services for Executors
Services for Executors. The job of Executor is an essential role in the administration and management of an estate. When choosing an executor, the testator should choose a person that they trust and believe capable of executing the role. If you have been named as the executor of an estate the testator has trusted in your ability to manage their affairs after their death with the best interests of the estate, their beneficiaries and in accordance with the Law. The deceased may or may not have understood at the time of naming you the level of responsibility, time and effort involved in administrating an estate.
You can find more information on your responsibilities as an executor and what actions you should take to properly execute your role on our “duties of an executor” page.
Managing the administration of an estate can be stressful as well as time-consuming. Even the most prepared and capable executor will sometimes require assistance from professionals whilst executing their duties. At Final Duties we are here to help executors in all aspects of the administration, from advising on the immediate actions that need to be taken when a person passes away to finding a solicitor at a fixed rate fee to handle the paperwork.
Services for executors included in our Full Administration Service
Removing a professional executor
A testator may have named a professional as the executor of their estate, this could have been for any number of reasons, or they may have been unaware of what naming a professional executor entails. Using the professional executor named in the Will may not always be in the best interests of the estate or it’s the beneficiaries. It is possible to have the professional executor removed in favour of the next of kin, the difficulty of successfully achieving this can vary greatly depending on the professional executor that has been named. You can find out more about executor renunciations on our “removing a professional executor” page.
Included in our Full Estate Administration Service your designated solicitor will undertake the work involved in obtaining a renunciation from a professional executor.
During the administration of the estate, an executor’s account should be set up to collect and hold payments due to the estate before the funds can be distributed to the beneficiaries.
Included in our full administration service your designated solicitor will arrange for the client monies to be held securely in their clients’ accounts and protected by the solicitors’ compensation fund.
Redirecting mail from the deceased address
It is common for a deceased person to continue to receive mail for a period of time after their death. Keeping on top of their mail can sometimes become impractical and it can be easy to miss an important letter amongst the build-up.
Included in our full administration service your designated solicitor will arrange for the deceased’s post to be redirected to their offices so that relevant institutions can be handled by them directly.
Ensuring the deceased property is correctly insured
It is the executor’s responsibility to ensure that the deceased’s assets are protected whilst the administration of the estate takes place. This includes arranging insurance for the property and its contents if now empty or the previous insurance is invalidated.
Included in our full administration service your designated solicitor will ensure that the buildings and contents insurer is fully aware of the change in circumstances and help to ensure that the appropriate property insurance is in place.
Additional services for executors that Final Duties can provide
When acting as an executor it is easy to start thinking about your own circumstances and what you can do to make your own passing easier on your family and friends. Whether you are looking to write a Will for the first time, update an existing Will or completely replace an existing Will, Final duties have our own in house Will writers that are experienced and fully qualified.
Lasting Power of Attorney
A Lasting Power of Attorney can ensure that your finances and health are looked after if you were to ever lose capacity. Our team of in-house specialists can talk you through the process and your needs before providing either a medical or financial lasting power of attorneys or both of these at a fixed rate fee.
Transfer or Sale of a probate property
Whether you decide to transfer the property to the beneficiaries or sell the property as part of the probate process, Final Duties can help. We offer conveyancing or transfer of ownership alongside probate at a fixed rate fee and have access to a panel of specialist conveyancing solicitors across England and Wales.
Assistance with obtaining external services
Final Duties probate service covers the full administration of the estate so that the executor can concentrate on the more personal aspects of death. However sometimes executors require a little extra help during this time and Final Duties is here to help with some of the leg work. We have a network of companies all over England and Wales that provide probate related services that you may wish to use during the administration. We can locate a provider for the service you require and obtain a quote on your behalf. If you choose to use any additional services, we can help arrange for them to undertake the work, and in certain circumstances arrange for their fees to be paid directly from the estate.
If you are unaware of all of the deceased’s assets or you suspect, there are assets you cannot locate you may wish to undertake an asset tracing search. This search can be arranged on your behalf directly by your solicitor.
We use a network of estate agents from around the country to provide market appraisals and other services for our probate customers. If you are looking to sell, we can find an estate agent local to you and obtain a quote for their services.
RICS Chartered Surveyors
For executors that want to obtain a Valuation report that is fully compliant with HMRC, Final Duties can locate a RICS chartered surveyor in your area and obtain a quote for their services. If you are happy to go ahead, we will arrange for them to visit the property and your designated solicitor will liaise with them directly.
Upon receiving their inheritance beneficiaries may wish for further assistance in deciding how to best use, invest or pass on their inherited assets. If you require wealth management advice, we can help to locate an advisor and obtain a quote for their services.
Management of rental properties
If the deceased owned properties that were being rented to tenants, the proper actions need to be taken when transferring the property or choosing to sell. Whilst probate is being applied for the rental income will need to be collected and the income tax reported to HMRC. We can find a local rental management company to maintain the property and ensure the collection of rent.