Disadvantages of Reserving Power for Probate

mczite

Hi Everyone

I have been listed as an executor for my mum, along with two other people.
We're all in different parts of the world with only one person in the UK and it's not me.
I trust everyone but I was thinking to do power reserved, however, I have an important question before I do.

1. Once we receive the grant of probate and need to contact the banks etc, if i didn't take power reserved would I have to sign documents for financial amounts to be released? while if i did, do i still have too?

2. Secondly, if i'm not listed on the probate certificate/grant does this mean I can have problems when I try and contact the banks later down the line?

3. Are there any other disadvantages of claiming power reserved? If they show you the documentation before submitting everything.

Thanks so much

Tom99

1 - Yes you will probably all have to sign but if you have power reserved you will not.
2 - Yes. If the bank require probate to release funds they will not deal with you
3 - If you trust the other two it saves all three of you having to sign documentation etc.