Click here to read the full article: How an obscure legal rule can make you a stranger’s executor
Dean’s comments have been reproduced below with kind permission.
Dean comments:
“The main issue is that an executor can inherit responsibility for an estate of which they have little or no knowledge. They may have no information about the deceased’s assets, liabilities, beneficiaries or the steps already taken by previous executors.
“This can create delays, take up a lot of personal time – sometimes many months, depending on how complex the estate is.”
Problems can also arise if records are incomplete or if there are disputes between beneficiaries, which can be hugely stressful.
Mr Ryan said: “The successor executor may need to incur significant professional costs to reconstruct the history of the administration and establish the estate’s position.”
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For further advice on Private Client law, email Dean or telephone on 0207 465 4300.
