Anyone ever been the executor of a will?

[Lamp]

Have just been reminded by an cousin that I'm an executor of his will. I have vague recollections of agreeing to be it about 15 years ago. He's not in tip top health, and now I have to start thinking about the processes around inheritance tax, estate distribution, death certificates, etc etc. Quite daunting. I supposed I could off-load it to a lawyer, but they'll charge an arm & leg in fees.

Anyone ever been an executor?

 

[old.Tohtori]

No idea on being one, but i'd just do what i always do; compose a list.

You find out what needs to be done, put it down on a list and never-ever focus on the whole thing, but instead go one by one.

For example the death certificate, easy peasy job on it's own right?

 

[Lamp]

Yeah, things like the death certificate is easy....but under English law, if you screw things up as an Executor you can be personally liable...and from what I gather his estate is quite complicated, tax wise, and I'm no tax expert. I don't like the idea of being personally liable for hundreds of thousands of £££s ! I may have to "advise" my cousin he may wish to use the services of a professional. Will have to be done sensitively as he's a nice old fella.

 

[Laddey]

This post i'm about to post isn't THAT helpful Lamp. I aplogise...


But...


My grandma got inherrited like a million pounds, just over...She got taxed £400,000
Think its around $40% tax or smth.

 

[Nate]

Basically as the Executor, you have to kill him. By any means possible. There's a few Drakulvs that know alot about that if you're passing by Malmo try and get a word in while they are biting your arm off, they might have some sound advice.

My dad was one recently, it's pretty stressful since not everyone will be happy with what the will says and it'll be vague in places, certain things will turn up and be of some value which has no claim to it. Etc, etc.

 

[Olgaline]

Load it off, or at least the more complicated parts of it so to speak.

 

[R2D3]

You can be the executor and still get help from 3rd parties and any costs should come out of the estate.

Found this thread on it on moneysavingexpert, didnt go through the whole thing, but the best bit came across was go to the library as they should have a guide on being an executor:

Being an executor in a will - MoneySavingExpert.com Forums

Would advise have a read 1st because if you ask a lawyer etc for advice they will do the old "OMG its just sooo complicated and sooo much can go wrong, but we can do all that for you.".

But is probably a good idea to get them to give what you have done a once over at the very least just to cover yourself.

 

[Lamp]

Common sense stuff like opening escrow accounts, selling property, informing the Gazette, settling debts etc are all straightforward.

Its all the Inheritance Tax, CGT, & legal stuff that I'm worried about. I certainly don't want to be personally liable for a half million pound accounting error ! Think I'll speak to him and tell him he really needs to appoint lawyers to administer his estate

 

[Ezteq]

I have no plans on executing a will at anytime in the near future...if he dies of his own accord that's up to him ^^


Good luck with it Lamp, tbh it's nothing I'd want anything to do with, too much like hard work.