According to recent reports, the number of executors of wills being sued in the High Court has increased significantly during the past year. Figures show a 21% rise in executors of wills being sued in the High Court by beneficiaries due to ‘breaches of fiduciary duty’.
Probate, the process of administering a deceased person’s estate, can be a complex and delicate matter. Without proper guidance, executors may face legal consequences.
In this blog post, we will explore the complexities of dealing with probate and highlight the benefits of seeking legal advice to ensure compliance and minimise the risk of being sued.
The complexity of probate
Probate involves numerous legal and financial aspects that need to be carefully managed. Executors are responsible for settling the deceased person’s debts, distributing assets, and complying with legal requirements. However, failure to meet these obligations can result in legal consequences.
One of the key complexities of probate is the need to obtain the necessary documentation. This can include obtaining an up to date copy of the will, instructing relevant valuation reports, and dealing with various financial institutions. Without proper guidance, executors may overlook crucial steps or fail to act within the required timeframe, leading to legal disputes.
Minimising the risk of litigation
The rise in the number of executors being sued in the High Court serves as a stark reminder of the potential legal consequences associated with probate. However, by seeking legal advice, executors can minimise the risk of being sued.
By consulting with solicitors, executors can gain a clear understanding of their duties and responsibilities. They can ensure that they are acting within the law and that their actions are transparent to all beneficiaries, avoiding potential.
Solicitors can help executors navigate the complex legal requirements, ensuring that all necessary steps are taken. They can provide guidance on the interpretation of wills, the distribution of assets, and the management of inheritance tax. By following legal advice, executors can reduce the risk of legal disputes and ensure compliance with the law.
The recent increase in the number of executors being sued in the High Court highlights the importance of seeking legal advice to ensure compliance and minimise the risk of legal consequences. By consulting a private client solicitor, executors can navigate the legal complexities of probate and fulfil their responsibilities efficiently.
For further advice in relation to probate or to seek guidance as an executor of a will, please get in touch.
