What are My Duties as an Executor
Ade Oduyemi
Financial adviser or pensions consultant? Protection adviser or accountant? Let's help your clients keep their money in their family. Intergenerational wealth | Inheritance tax | Estate planner @ Maximum Inheritance
Maria asks: ‘What are my responsibilities as the executor of my dad’s friend’s estate? You might recall the case of Glyne Harris— I want to do the right thing by the community, but I don’t want to be on the hook for a King’s ransom.
Maria’s question is a bit of history lesson, as the case dates from 2013 when someone called Helena McDonald died intestate. Personally, the intestacy should have set off alarm bells so fearsome as one would expect if one had let off fireworks in a blacksmith’s forge.
Mr Harris was appointed personal representative the appointment is not some divine ordination, he had to have put himself forward, he’d have had lots of opportunities to renounce he appointment...
Let’s shorten this sordid story: he distributed the estate—most of it went to a single beneficiary… who skedaddled to Barbados.
In the fullness of time, the girls and boys at the Revenue came calling, they asked Glyne Harris for £341,278076 owing in death duties. Mr Harris appealed to the tax tribunal on the grounds he had no funds to pay the tax as the beneficiary was in sunny climes, his appeal was to no end.
We enjoin Maria as she has feet, she should use them: she should walk run from this impending disaster.
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