What happens when a practioner is appointed executor?

What steps are taken when I am appointed executor

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When a client dies the practioner issues a new letter of engagement to the executors and undertakes ML due diligence etc on the executors. But what happens when the practioner is appointed executor? With whom can the practioner agree the terms on engagement? And what about ML due diligence?

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By johngroganjga
20th Jun 2016 12:09

Does the will provide for you to be paid for acting?

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Replying to johngroganjga:
Morph
By kevinringer
20th Jun 2016 12:12

johngroganjga wrote:

Does the will provide for you to be paid for acting?

Yes
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By pacta
20th Jun 2016 14:07

Great. Are you also regulated by the ICAEW or ACCA?

If yes, do you hold a licence to undertake such work? Your question suggests not.

If no, are you a qualified solicitor who may undertake probate work?

If no, I think you're buggered.

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By kevinringer
20th Jun 2016 15:44

pacta wrote:

Great. Are you also regulated by the ICAEW or ACCA?

If yes, do you hold a licence to undertake such work? Your question suggests not.

If no, are you a qualified solicitor who may undertake probate work?

If no, I think you're buggered.

Didn't know a licence was needed so maybe I'll do it gratis - has been a good longstanding client. But what happens with engagement letter and ML due diligence if a probate licence is held and fee was charged?
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By pacta
20th Jun 2016 15:57

If you're the sole executor I'd suggest that you engage with the residuary beneficiaries; after all it is them who you are acting on behalf of and they can out you in certain circumstances.

If you're not the Sole Exec I'd engage other execs and the residuary beneficiaries just for belt and braces.

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By jonsa
21st Jun 2016 11:12

Didn't know a licence was needed so maybe I'll do it gratis - has been a good longstanding client. But what happens with engagement letter and ML due diligence if a probate licence is held and fee was charged?[/quote]

I don't think doing it gratis makes any difference, if for a client who has died. Best to check with Institute/Association.

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By Visitor
20th Jun 2016 15:35

If you were not being paid then you can simply get on with it like any other member of the public. It rather depends how you are being "paid". If the Will says something like "to my good friend and accountant Fred I leave the sum of £xxx", which happened to me a couple of years ago, then you are not being actually paid for acting as the bequest is not conditional on you being executor and you have no problems. On the other hand, if it says you are to be paid £xxx for acting as executor, then pacta's observations apply.

In other words it depends on what conditions are attached to the payment.

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By Tomazaan
21st Jun 2016 10:29

You don't have to have a licence to be paid for work done as an executor. What you must not do without a licence is reserved probate work which is different. I suggest that you discuss what you can and cannot charge for with someone who does have a licence. You will need to agree the scope of your paid work with the other executors and, possibly, the residuary beneficiaries. Your charges are likely to be lower than those of a lawyer but it may be that the beneficiaries will want to do much of the basic admin work themselves in order to save costs.

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By michaelblake
21st Jun 2016 12:04

There is very litle you cannot do as an unlicenced practitioner - see the ICAEW guidance at https://www.icaew.com/~/media/corporate/files/technical/legal%20and%20re...

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Morph
By kevinringer
21st Jun 2016 12:05

The Institute has published guidance at http://www.icaew.com/~/media/corporate/files/technical/legal%20and%20reg... on what accountants can and can't do without a probate licence. A practitioner can be a paid executor without a licence – see question 1 top right column of page 3.

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