Under a deceased’s will, the deceased may choose to name people as the executor(s) of their estate. This role is to basically administer the deceased’s estate and distribute the assets.
Historically this role has been carried out by a solicitor, however it is becoming increasingly common for family members or friends to be named as lay executors to save on costs.
The High Court have released figures which show that in 2013 there were 368 claims lodged for breach of fiduciary duty in the Chancery Division, this figure is an increase of 107 from the previous years. Claims under this heading can include theft of assets by the executor and fraudulent distribution of assets to favour certain beneficiaries over others.
This doesn’t necessarily mean that the lay executor(s) have acted improperly on purpose, the role of an executor can be a complex, it can include a variety of duties and responsibilities and once you have carried out any actions as an executor you cannot step down from the role.
Richard Roberts, Chairman of the Law Society’s wills and equity committee has stated that:
“Many wrongly perceive the task to be simpler than it is… There will always be lay executors who can do the job well and are perfectly trustworthy, but there will always be group of executors who either administer an estate badly through ignorance or administer it fraudulently”.
If you would like to discuss executors and the administration of estates, please call Monika Volsing on 0113 320 5000.
