It is a common misconception that a professional Executor is
needed everytime a Will is made. On the contrary, a professional
Executor is rarely needed if your estate is straightforward.
Charging as high as 4.5% of your estate, plus VAT is rather
expensive!
So why even consider hiring a professional? Anyone drafting a
Will needs to name at least one Executor, who is then responsible
for administering the Will and ensuring that your wishes are
carried out. They also have to apply for probate which authorises
them to administer the estate. Although this all sounds a huge
responsibility, it is capable of being dealth with by friends or
family as appointed Executors.
So how can your friend, who is appointed an
Executor, be sure everything is dealt with properly after your
death? An Executor can appoint a solicitor to help with the
administration of the estate. This will obviously cost
but the good thing is, is that all costs are borne from the
deceased estate. Just make sure the beneficiaries
are okay with this of course!
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