Should I accept an entreaty to be executor of a will?

keiran

I’ve been asked to be the executor of someone’s will, and I’m unsure whether to accept.

I’m being asked because his only beneficiary lives abroad and there’s no family or suitable person available. I’m being approached as the most “utilitarian” option.

The estate is likely to be complex:

• It will exceed the IHT threshold.

• There is property in the UK and abroad (which could involve cross-border paperwork and tax complications).

• He has around 30 financial and other accounts that would need closing after my obtaining probate.

• He does not want to appoint a solicitor — he wants me to manage the process.

• Presumably I would also be expected to organise the funeral, contact numerous institutions and individuals, dispose of possessions, and sell the UK property. There will no doubt be other tasks.

He has offered me £5,000 for doing this.
While I am capable, I would find the tasks onerous and tedious — and I don’t like doing this type of administrative work even for myself. I also don’t need the money, and the amount feels low given the time and responsibility, with its true value diminishing over the decades (his parents lived into their 90s - he's now 60)

What are my options?
Ideally, I’d prefer not to take this on at all. But if there were a way to do it without resentment — perhaps involving professionals or a more meaningful arrangement — I’d be open to hearing how others have managed similar situations.

Any advice or perspectives appreciated.

kimwp

Nope and tell him he needs to sort out his estate to make it simpler for any executor or appoint a solicitor. If you don't need the money, then your time is infinitely more valuable - perhaps if he was willing to free up an equivalent amount of your time by taking on mundane tasks you don't want to do?

None of the above will help with resentment, but frankly someone who resents someone turning down such an unreasonable ask is going to be resentful regardless.

kimwp

Just to check - he's offering for you to have £5000 nominal in 30-ish years?

keiran

kimwp said:

Just to check - he's offering for you to have £5000 nominal in 30-ish years?

He probably hasn't thought that far ahead, and of course he may pass much earlier. I'm the same age and so I may be gone, or incapable, myself when it comes to it

twopenny

No, you shouldn't take it on.
It's possible you may have to travel abroad which is time and money. You'll be dealing with foreign laws and requirements.
That's a great deal of work, time,money and likely to take more than a year.

I don't have relatives so I've had to appoint a solicitors firm and suck up the cost to my estate..
I did work there and asked if my boss would be executor and, kind man but said no, definitely not. And that's a very simple will.

user1977

keiran said:

• He does not want to appoint a solicitor — he wants me to manage the process.

Do you mean he doesn't want you to employ a solicitor to advise you as executor? Not sure he can really do that! Or just that he doesn't want a solicitor as executor?

keiran

He tells me that his property abroad will be settled by an executor in that country, but I wonder if I'd have to liaise/receive documentation for the UK IHT form.

I understand that a will can be enacted without naming a solicitor - no doubt an expert will tell us otherwise.

But of course they cost a great deal, and I don't know if they enact arranging funerals, etc as well as doing the probate and account closing stuff.

Baldytyke88

keiran said:

He probably hasn't thought that far ahead, and of course he may pass much earlier. I'm the same age and so I may be gone, or incapable, myself when it comes to it

A friend asked me to be his executor, I believe, because he doesn't want to pay a solicitor.

Why is your friend asking you?

Keep_pedalling

As your are of the same age, unless he has a life limiting medical issue then you are not really the best choice of executor as there is a 50% chance that you won’t survive him and even if you do you may not have the energy and mental capacity to do so by the time he dies.

if his sole beneficiary is a child he should appoint them as executor and they can then employ a professional to handle it for them. 

I would decline and tell him it is because of the above reasons. 

user1977

keiran said:

But of course they cost a great deal, and I don't know if they enact arranging funerals, etc as well as doing the probate and account closing stuff.

Yes, completely normal for an executor to employ somebody else to deal with all the admin (not usually arranging funerals though, other than paying the bills). The cost is the estate's cost, it wouldn't be for you to pay their fees out of your £5000. The executor is still ultimately responsible but you get the professional advice about what you're meant to be doing, how much tax to pay, etc.

Pollycat

keiran said:

The estate is likely to be complex:

• It will exceed the IHT threshold.

• There is property in the UK and abroad (which could involve cross-border paperwork and tax complications).

• He has around 30 financial and other accounts that would need closing after my obtaining probate.

• He does not want to appoint a solicitor — he wants me to manage the process.

• Presumably I would also be expected to organise the funeral, contact numerous institutions and individuals, dispose of possessions, and sell the UK property. There will no doubt be other tasks.

.

You've already listed the reasons why you should decline. ^^^^