Pictured above: Emma Harrison
An alert has gone out from Midlands law firm Harris Cooper
Brownings warning people to choose carefully when appointing
executors for wills.
It follows a criminal court case in which a man was convicted of
the theft of more than £25,000 from his late uncle's estate
while he was an executor for the will.
The man pretended there was a substantial tax bill to be settled
using it as an excuse to pocket the cash. It turned out that the
executor had previously been jailed for defrauding customers at the
bank where he worked.
He had also stolen over £4,000 by taking out credit cards
in the names of his parents.
The fraud on his uncle's estate was only discovered when one of
the co-executors spotted that the signature on a cheque drawn on
the estate bank account had been forged in his name.
Emma Harrison, newly appointed head of Wills and Probate at
Harris Cooper Brownings, which has offices in Solihull,
Stratford-upon-Avon, Redditch, Alcester and Harborne, said: "With
hindsight, had the uncle given better consideration to his choice
of executors and had taken appropriate legal advice, the story may
have been very different.
"When appointing an executor, it is vital that careful thought
is given to the person or persons chosen to take responsibility for
managing the estate. Remember, they will be dealing with all of
your assets, including the sale proceeds of any property.
"You should take into account the value and possible complexity
of the estate, reflecting on the wishes you have expressed in your
will as well as the possible tax liabilities".
Emma also advises that thought should be given to family
relationships and the possibility of conflict arising between
executors or between executors and beneficiaries or even if there
might be people disappointed by the terms of the will.
"Ask yourself, will the potential executors have the time and
necessary knowledge or experience to administer an estate?
"Above all, emphasis must be placed on their integrity and
trustworthiness to carry out your last wishes".
If in doubt, a solution is to appoint a professional executor
who can act independently of all interested parties standing to
benefit under the will. Solicitors are heavily regulated and carry
indemnity insurance which provides security.
"Many clients worry about the costs to their estate of a
professional executor but in reality these rarely exceed the costs
of administering a comparable estate where disputes have arisen
between executors as to how an estate should be handled or where
solicitors are acting upon instructions provided by a
non-professional executor", said Emma.
The time spent in administration can be reduced and an estate
distributed quicker where professional executors are appointed, she
said.
If you have concerns about the conduct of an executor currently
acting in an estate or if you wish for further advice on making a
will and the appointment of executors, contact Emma Harrison on
0844 556 3629.