Duties of an Executor
Probate & Estate Planning
Being an executor is not an easy job. Executors are personally responsible for their role, which means that if they do not complete their job properly, they need to compensate anyone who has lost out from their own money.
It's important to choose people you trust to be your executors and it is important to consider if they will be able to do the job. It is not a good idea to appoint executors who do not get on well with each other, as it will make their job very hard.
An executor is required to:
-
Apply for Probate: In most cases, the executor needs to apply to the Probate Registry to get a Grant of Probate. This grant allows them to deal with the estate fully.
-
Secure the Estate: Locate and secure all assets that the deceased owned. This is things such as property, bank accounts, investments, and personal belongings. They also need to be fully aware of any debts the deceased owned.
-
Notify Relevant Parties: Inform asset holders and other related people (such as the government) of the death. Notify beneficiaries named in the will.
-
Assess the Estate's Value: Create a detailed inventory of all assets and liabilities to determine the estate's value for probate and tax.
-
Pay Debts and Taxes: Settle any debts of the deceased. This includes things like credit card bills, final council tax bills, gas and electric bills, funeral bills etc. Complete any necessary tax returns.
-
Distribute the Estate: Distribute the estate as the will instructs, ensuring all beneficiaries receive their correct entitlements. Action any trusts if specified in the will.
-
Keep Accurate Records: Maintain detailed records of all transactions and decisions made while administering the estate.
-
Deal with Disputes: Address any disputes or claims against the estate. This can put a stop to the proceedings, so it is best to seek legal advice should this happen immediately.
-
Final Accounts: Prepare and distribute the final accounts, showing the estate's assets, liabilities, administration expenses, and how the remainder of the estate is distributed.
Being an executor and completing an estate administration is a complex and time-consuming process, requiring diligence and organisation. There are lots of finer points to estate administration that are often overlooked, so it is often useful to instruct a professional to assist.
