Storing property for executors

A reminder for trust and probate practitioners as to the dangers of storing property on behalf of executors while the estate is administered. To avoid confusion or disputes at a later date, simple steps should be taken, especially if the property is of value, such as jewellery or antiques.


Before agreeing to look after such items, check the firm's contents insurance to ascertain that it is adequately covered in the event of loss or damage. Many insurers will require evidence that the property is being securely kept, for example, in a safe. You might also have to identify any particular item that may be in excess of a certain value. Do not automatically assume that your professional indemnity policy will respond.


In so far as the executors are concerned, make sure that:


  • An inventory of the property is agreed with the executor (and perhaps the beneficiaries too).


  • Where necessary, values are agreed. This is especially important if jewellery is involved. What you think is a worthless piece of jewellery may in fact have a significant value. If you lose an item you may face a considerable claim from the executor.


  • Photographs are taken if necessary to aid identification in the event of loss.


  • Cash or other negotiable instruments are not kept in the office for longer than is absolutely necessary. Always have a witness present when handling cash to verify amounts involved and pay it into the bank as soon as possible. Again such items may not be covered by your contents policy over and above a certain value.




    • While on the subject of property, if part of the estate comprises a dwelling house, which is vacant:


  • Prepare an inventory of contents as soon as possible. You may wish to instruct a professional to do this on behalf of the estate and also to state the appropriate valuations.


  • Secure the property adequately so as to ensure that unauthorised entry may not be obtained. It may be sensible to change the locks as the deceased may have left keys with third parties.


  • Check the buildings and contents insurance to make sure that the property is adequately covered and that such cover will not lapse by reason of the property remaining vacant.


  • Ensure the property is visited on a regular basis to ensure there are no problems or if there are, that they are identified and dealt with as soon as possible.


  • Arrange for the central heating and water systems to be drained to avoid leaks or burst pipes, especially in winter.



    • This column was prepared by AFP Consulting, a division of Alexander Forbes Risk Services UK