When someone asks you to be an Executor of their Will, it can feel like an honour. It shows that they trust you to make sure their wishes are carried out after they die.
But what does being an Executor actually involve?
For many people, the reality only becomes clear when someone dies, and they find themselves responsible for dealing with an estate.
The role can involve much more than reading the Will and distributing an inheritance.
What is an Executor?
An Executor is a person appointed in a Will to administer someone’s estate after their death.
In simple terms, their responsibility is to deal with the person’s assets, liabilities and affairs and ultimately distribute the estate in accordance with the Will.
More than one Executor can be appointed, and people often choose a spouse or partner, adult children, another trusted family member or friend, or a professional.
What are Executors responsible for?
Every estate is different, but an Executor’s responsibilities can include:
- Locating the original Will and establishing that it is the latest valid version
- Identifying the assets and liabilities within the estate
- Contacting banks, pension providers and other relevant organisations
- Arranging valuations where necessary
- Dealing with Inheritance Tax matters
- Applying for a Grant of Probate where required
- Settling outstanding debts and liabilities
- Dealing with or selling property
- Preparing estate accounts
- Distributing the estate to the beneficiaries named in the Will
There may also be practical matters to manage, from securing an empty property to dealing with personal possessions and ongoing household expenses.
Does an Executor always need Probate?
No.
Whether a Grant of Probate is required depends on the assets in the estate and how they are owned.
Some organisations may release smaller sums without a Grant, while property and higher-value assets will commonly require one before they can be dealt with.
Jointly owned assets may also pass differently depending on how they are held.
Can an Executor be a beneficiary?
Yes.
It is very common for an Executor also to be a beneficiary of the Will.
For example, someone may appoint their spouse or adult children as Executors while also leaving some or all of their estate to them.
What if I don’t want to be an Executor?
Being named in a Will doesn’t necessarily mean you have to take on the role.
If you have not started dealing with the estate, it may be possible to formally renounce your appointment.
Where there is more than one Executor, you may be able to have power reserved to you. This means the other Executor or Executors can proceed while you retain the possibility of becoming involved later.
The right approach depends on the circumstances, so it is sensible to seek advice before taking any action if you are unsure.
Can Executors get professional help?
Yes.
Being an Executor does not mean you have to deal with every aspect of the estate yourself.
Executors can seek professional advice and assistance with administering the estate.
This can be particularly helpful where an estate includes property, Trusts, Inheritance Tax issues, business interests or complicated family circumstances, or simply where the Executors do not have the time or confidence to manage the process alone.
How long does an Executor’s role last?
There is no single timescale for administering an estate.
A relatively straightforward estate may be dealt with more quickly, while more complicated estates can take considerably longer.
Before distributing the estate, Executors need to be satisfied that the necessary assets, liabilities, tax matters and other responsibilities have been properly dealt with.
It is important not to rush simply because beneficiaries are waiting to receive their inheritance.
Choosing your Executors
If you are writing or reviewing your own Will, choosing your Executors deserves careful thought.
Consider whether the people you appoint are likely to be willing and able to take on the responsibility, whether they would work well together if you appoint more than one, and whether your choices still make sense as circumstances change.
Someone who was the obvious choice ten or twenty years ago may not necessarily be the person you would choose today.
It is another good reason to review your Will periodically rather than simply putting it away and forgetting about it.
Here when you need us
Acting as an Executor can feel daunting, particularly when you are also dealing with the loss of someone close to you.
At Anvoner Law, we can support Executors with as much or as little of the estate administration process as they need, from initial advice through to administering the estate.
If you’ve been named as an Executor and aren’t sure what happens next, or you’re reviewing your own Will and would like advice about who to appoint, please get in touch with our team.
Anvoner Law
Clarity. Care. Confidence.
