If you think your affairs are likely to be complicated – through complex family relations, a large number of varied assets or some other potential difficulty – think carefully about the Executors you appoint.
Earlier this year Russian oligarch and former Forbes Rich-Lister Boris Berezovsky was found dead in his ex-wife’s bathroom. Berezovsky had lost a £3 billion court battle with Roman Abromavich last year and his estate is continuing to be sued (despite his demise) by Russian airline Aeroflot.
Mr Berezovsky drew up a new will just 9 days before his death; however, the complexity of Mr Berezovsky’s financial affairs means that the administration of his estate could take many years. Furthermore, given the costly litigation that the estate has been (and continues to be) subject to, there may be little left in the estate. Mr Berezovsky’s complex family situation – he had two ex-wives, at least six children and a number of mistresses – gives rise to the possibility of further claims against the estate. As a result none of the deceased’s five appointed executors wish to handle the estate, and its administration has now been passed to accountants Grant Thornton as court-appointed interim receivers – a costly move with the potential to drain any of Berezovsky’s remaining assets.
Your choice of Executor is very important. Potential Executors should be aware of the complexities of the estate and happy to take on this role before you appoint them. If this causes difficulties you can always appoint the Partners at Rosalind Watchorn Solicitors as your Executors – we have over 20 years experience in the administration of estates, and this expertise will ensure the estate is handled properly.
If you are concerned about your estate or have any other queries regarding Wills contact Rosalind Watchorn Solicitors today to discuss your situation with a member of our specialist will-drafting and later-life planning team. Telephone 0114 229 0160 to arrange a free initial appointment with one of our solicitors.