Most people will at some point become an executor, usually for the estate of a family member or a close friend.
Being an executor is a significant legal undertaking and the role should not be taken on without careful thought, as it does take time and carries a degree of potential financial liability.
It is a responsibility that can be a heavy burden, especially where the estate is more complex, where tax is payable, and where there is some discord in the family. This is only likely to become more onerous as estate values rise and the tax threshold remains frozen. When planning your estate, it is important not just to make it clear who should receive what but also how you will record the factual information your executor(s) will need to carry out their duties.
Lack of information
A core duty of an executor is to ascertain the assets and liabilities of an estate, which involves finding out what the deceased owned (and how much those items are worth), and what they might have owed.
The most common challenge faced by executors in carrying out this exercise is a lack of information. This is particularly the case in this digital age where information tends to be online rather than through paperwork, which makes it increasingly difficult for executors to trace account details and other important personal data.
Even once the estate is wrapped up, it is not uncommon for information later to come to light about other assets or liabilities which were not known about or dealt with during the main period of estate administration. This can cause severe difficulties for executors particularly if there will be more tax to pay as a result or if final distributions have already been calculated and made.
How platforms such as Zenplans can help
Weightmans has partnered with Zenplans, which is a secure digital vault for storing important documents such as Wills, codicils, lasting powers of attorney, and financial and asset information which would be useful for executors (and attorneys) to have access to when managing or winding up your financial affairs.
We can upload your key documents to Zenplans when setting up the digital vault, and you or your other advisers can choose to upload further documents and keep asset information up to date on a continuous basis.
Having all important documentation securely stored in one place will relieve the need for your executors to make endless searches just to ensure that nothing has been missed. You can choose to ensure that your executors only have access to your vault on your death, ensuring that the right people have access to the latest information at the appropriate time.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
