Report highlights need for executors and trustees to take advice
1 August, 2014
A recent report from the High Court confirmed that 368 claims were issued for breach of duty against executors or trustees in 2013, up by 107 from 2012.
Commentators have suggested that this could be due to the appointment of family or friends, acting as either an Executor or Trustee, who do not take any formal advice.
Whilst many of these lay appointed representatives may be well intentioned, and are trying to save on legal fees, it is clear that some beneficiaries do not agree. Although elements of their task might appear simple, without taking advice, they can lead to unforeseen tax consequences and, sadly in some cases mismanagement of the finances.
Interpretation of a Will or Trust may also lead to incorrect decisions. Sadly, a lay Executor or Trustee is not paid for his time but he is personally liable for his actions.
Louise Eccleston or Paul Coombs on 01244 400567