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The changing landscape of estate administration and challenges facing the modern Executor

Lecture

Publication date:

06 February 2020

Last updated:

10 February 2020

Author(s):

Andrea Pierce, Legal Services Director, Kings Court Trust

In this Insurance Institute of London (IIL) Financial Services lecture Andrea Pierce, Legal Services Director, Kings Court Trust, talked about the changing landscape of estate administration and challenges facing modern Executors.

In today's era, the modern Executor is responsible for a plethora of tasks when administering a deceased person's estate. 'Probate' has become synonymous when dealing with these affairs but in reality, this is one small component of the broader estate administration process.

The growing popularity of digital currencies and other digital assets mean Executors are presented with the challenge to think more broadly about one's assets when administering an estate to ensure the beneficiaries receive all rightful inheritances.

For financial services professionals, these modern advancements post threats to wealth currently under their management. Where an Executor mid-distributes the estate, potentially due to the modern make up of the estate, funds may be required to compensate for the error. However, what estate administration presents to professionals working in the financial services industry is an opportunity not fully considered.

With an ageing population and rising levels of wealth, the UK is set to see substantial growth in the number of inheritances and financial gifts taking place each year. Estate administration is a great facilitator of intergenerational wealth transfer for professionals looking to retain funds under management and grow client bases.

By the end of this lecture members would have gained an insight into:

  • Understanding the difference between probate and estate administration
  • How estate administration is a great facilitator of intergenerational wealth transfer opportunity
  • How industry developments and technological advances are impacting this process for modern Executors and the risks these present

 View lecture slides

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Duration: 43 minutes

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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