Money matters: executor’s duties and life assurance

7 October 2020 / Insight posted in Articles

Being appointed as an executor can be onerous and it is an aspect of inheritance tax planning that is often not given the thought it deserves. Whether you appoint professional executors, family members or friends, or a combination, the fiduciary obligations need to be understood in full as there can be personal financial implications if you get it wrong!. On the other hand, we may readily be willing to be appointed as an executor to a friend or colleague when they are updating their will, and may not even know the entirety of their personal circumstances. Whether you are being appointed or are appointing someone yourself, ensure that all parties know what they are signing up to, especially if there are minor children that you may inadvertently become responsible for.

Our five minute webinars highlight some of the tax and legal issues and provide some guidance to enable you to consider your position, and who you may appoint. Our financial planners briefly touch on nomination of beneficiaries within pensions and life assurance which can hinder the administration of an estate for executors if the details are not kept up to date.

Our private client specialists work together to advise holistically on these issues, and are very happy to arrange a follow up call to explore how they may help you.