Any risks in being executor of my UK parents will

[Jonny]

Are there any risks involved with me being my parents executor and handling any monies involved, for example the contents of bank accounts being transferred to my UK account and then me transferring two lots of a third to other beneficiaries ?

I am DE resident, my parents and siblings ( beneficiaries ) are all UK resident.

I'm assuming with property the solicitor handling the sale would transfer the proceeds to all three beneficiaries . The solicitor will only be handling property sales and I will do the executer work.

The estate value would be below both the UK and German inheritance tax thresholds. Any any sums bar property would be in 4 figures or lower 5 figures.

There are no high value assets bar the homes and any money is banks not cash.

I'm assuming this should not be a problem as everything is recorded, traceable and done in accordance of a will... but I am self employed and always nervous of anything to do with tax and government, especially any money moving in and out of my account.

If there are any risk at all, even unlikely ones, then I will get one of the other beneficiaries to receive and divvy up the monies

[GaryC]

The Executor is a legal person and as such I would suggest opening an Executor or Trustee account with whichever bank. All estate income and funds should go into that account, so you can account for any IHT (sounds like none) and any Income Tax that may fall due if the administration takes a while.

[Jonny]

Thanks Gary, thats certainly a good option when the time comes.