Our Practice Advice Service answers a question asked by a private client practitioner
I wish to renounce my role as sole executor in a matter where a grant of probate has already been obtained. I am due to retire following a long illness and consider it to be in the best interests of the estate. The firm is due to be taken over by a successor practice. Can a member of the successor practice act as executor in my place?
Once probate has been granted, retirement or departure from an executorship can only be achieved by an application to the court, usually under section 50 of the Administration of Justice Act 1985.
A consent order is possible where all parties are in agreement. This section is increasingly being used for agreed retirements and departures. An application to the court, even if only for a consent order, brings with it expense, and the question of who should properly bear that cost will need to be addressed.
For further information please see the Law Society’s practice note, Fiduciary roles and retirement or departure from practice.
Disclaimer
While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such.
The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.
This article is compiled by the Law Society’s Practice Advice Service. Comments relating to the questions should be sent to practiceadvice@lawsociety.org.uk
