I am a Will executor - what will it cost me?

I am a Will executor - what will it cost me?

I am a Will executor – what will it cost me?

by | Inheritance

Being named an executor in a will is a huge responsibility.  It is an administrative and financial burden.  And it can go awry…..

In 2018, a UK personal representative was found personally liable for a £341,278 Inheritance Tax bill when he was administering a £1.2 million estate.

in 2013 Mr Harris made the error of distributing all the assets of the estate to the beneficiaries before paying the Inheritance Tax Bill.  It is required by Her Majesty’s Revenue and Customs department that the tax due from an estate is paid before the beneficiaries receive their share.

Instead, Mr Harris gifted the monies with the assurance from a specific beneficiary that they would meet the tax liability form their inheritance.  But then they left the country……

Mr Harris appealed the bill – he no longer had access to the estates funds.  But the case was closed in 2018 and he was unsuccessful.  The judge declared the law regards “IHT is clear.”

However the case does highlight that the general public might not be as clear on the law as the Judge assumes.  Incorrectly administering an estate can end up costing a personal representative financially.  If you are named as an executor, professional assistance is available to protect you and the estate.  Ask Wills Worldwide for a referral if required.

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Testimonials

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK...

Jenny Pearson, Consultant, Cambodia

2018-06-05T07:59:04+00:00

Jenny Pearson, Consultant, Cambodia

"For various reasons, my situation turned out to be quite complicated and I needed two wills (as advised by UK tax specialist) to keep my English and Cambodian assets completely separate. Cindy was able to work through all of that with me and I am confident that I now have everything properly covered."
"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and...

Jayne Hilton, Engineer, UK

2018-06-05T08:30:28+00:00

Jayne Hilton, Engineer, UK

"Cindy is knowledgeable, approachable, incredibly helpful, and highly professional. She helped me to understand the implications of my requests and was always on hand to offer guidance and support. All in all an excellent service."
"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a...

Jim Swander, CEO, Cambodia

2018-06-05T08:37:50+00:00

Jim Swander, CEO, Cambodia

"It was a pleasure to work with Cindy and her team! Even though planning for one’s own death is a project we all can easily put off, it removed an area of stress in my life. I no longer had to wonder if certain people would be taken care of, or where my money would go. Cindy and I worked through the process and she asked a lot of thought provoking questions. The first draft helped me think a second layer down, and made the will more complete. We finalised with her lawyer, signed, witnessed and put away in a safe place, letting my executor know exactly where to find it. I do not hesitate to recommend Cindy’s services."
"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid...

Moray Iles, Vietnam

2018-06-05T08:42:23+00:00

Moray Iles, Vietnam

"Cindy made the process of making a Will painless and efficient which we really appreciated. She was sensitive to avoid putting pressure or hassle to complete the Will quickly which allowed us to consider everything in our own time. Best of all, Cindy's professional support and thorough and clear explanation of the laws pertaining to our situation were very helpful. We would look forward to working with Cindy again on documents personal to our family."
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