31 May What you need to know before signing a deed of renunciation
Dealing with the death of a relative or someone close to you is never easy, and while you want to do all you can for them, you often need your time and space to grieve for the loss. It is a privilege that your friend or relative has chosen you to be the executor of their will, but it sometimes doesn’t just feel like a great responsibility but a burden and an impossible challenge.
Often many people believe that they are just not up to the task, especially during grief. There is the knowledge that it is a job that must be performed with care and attention, particularly when it comes with all of the pitfalls and niches of the legal world and must be conducted correctly in compliance with the law.
Role of an executor of a will
It is the responsibility of an executor of a will to sort the finances of the person who has died. It is a legal requirement that an executor will ensure that any outstanding debts are paid and wealth or ‘the estate’ is distributed to the legal heirs.
There are many tasks for an executor of a will including; creating an inventory of the estate and debts, paying bills and charges of the deceased from the estate, notify all relevant parties, such as banks and government bodies, distributing the estate once all affairs are in order.
With a range of administrative, tax and legal challenges involved in being an executor of a will, it is understandable that many do not feel up to the job.
What is a deed of renunciation?
For those who cannot commit to the role of executing a will or find it too distressing, a deed of renunciation can be drafted. A deed of renunciation renounces your title as an executor of a will and frees you from the responsibility.
With a deed of renunciation, also referred to as a disclaimer of interest you know longer have to perform the functions of the administration involved.
When you sign a deed of renunciation, you cannot change your mind, and if there are no other executors named, the responsibility will go to the deceased’s spouse or the next family member in line.
What are the negatives of a deed of renunciation?
As stated earlier, there is no going back once you sign the document, so it is important that you are sure that you cannot be the executor of the will. While it is a responsibility, you were considered the best person for the job and the most capable person.
By signing a deed of renunciation, the role of executor will be passed to a family member who may not be able to cope with the task of executor, particularly if they are struck with grief or may not have the knowledge you have about the affairs.
If you are not sure, it is best to seek guidance from a professional before you renounce your role.
How to complete a deed of renunciation
Once you are confident that you want to relinquish your role as an executor of a will, then it is easy to do by completing a deed of renunciation form. It is easy and straightforward to fill out, without requiring in-depth legal knowledge. You can order the form from us for just £15 + VAT.
If you’re still not sure and need more advice or help in the matter, then speak to a professional by calling 020 8017 1029 for free, friendly and impartial advice.