A Guide for Executors: Responsibilities and Support

Being named as an executor of someone’s estate is a mark of trust, but it is also a significant responsibility. Executors play a vital role in ensuring that a deceased person’s wishes, as outlined in their Will, are carried out properly. Below is an outline of what this role entails and how the Lawson West Probate team can assist.

Key Responsibilities of an Executor

1. Registering the Death and Arranging the Funeral

   Executors may need to register the death and arrange the funeral. The Will should be checked for any specific funeral instructions.

2. Gathering and Managing the Estate

   • Compile a detailed inventory of all assets (e.g., property, bank accounts, investments) and liabilities (e.g., debts, loans).

   • Account for any foreign assets, as these can add complexity.

3. Obtaining the Grant of Probate

   Executors must apply for a Grant of Probate, a legal document that confirms their authority to manage the estate. If there is no Will, a Grant of Letters of Administration is required, which is usually issued to a close relative.

4. Inheritance Tax (IHT) and Financial Responsibilities

   • Calculate and pay any Inheritance Tax due. The tax-free threshold (Nil-Rate Band) is currently £325,000, and amounts above this are taxed at 40%. However, additional reliefs may apply:

     • Residence Nil-Rate Band (RNRB): If the deceased’s estate includes a family home being passed to direct descendants, an additional allowance may increase the tax-free threshold.

     • Transferable Nil-Rate Band (TNRB): If a deceased spouse or civil partner did not fully use their Nil-Rate Band or RNRB, the unused portion may be transferred to the surviving spouse, effectively doubling their allowance.

   • Gifts between spouses and charitable donations are typically exempt from IHT.

   • Ensure that all debts are paid before distributing any money to beneficiaries.

5. Distributing the Estate

   Executors must manage beneficiaries' expectations and may make interim payments if appropriate. Final distribution occurs only after confirming all obligations are met.

6. Final Estate Accounts

   Prepare a detailed account of all estate transactions for the beneficiaries.

Challenges and Legal Support

The role of executor can be time-consuming and complex, often involving legal, tax, and administrative tasks. Executors may also face personal liability if obligations are not properly fulfilled.

At Lawson West Solicitors, we can alleviate much of this burden. Our services include:

• Expert advice and assurance regarding the estate administration process.

• Day-to-day administration, including preparing estate accounts.

• Clear confirmation of a fixed fee at the outset to ensure transparency and no unexpected surprises.  This is a bespoke fee specifically tailored to address each individual estate.

Why Choose Lawson West?

Our Probate team take a modern and empathetic approach to estate administration, offering both professionalism and understanding during what is often a difficult time.

Contact us today to discuss how we can assist you.

If you believe you have a situation where you require legal advice, please contact us on telephone 0116 212 1000 or 01858 445 480, alternatively complete the free Contact Us form and we will get in touch as soon as possible.

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