When losing a loved one, it is easy to let emotions dictate important decisions when it comes to tying up the deceased’s affairs and this can sometimes cause disputes between family and friends if not everyone agrees, and this is why Executors are appointed.

An executor’s role is to follow the wishes of the deceased in accordance with their Will, but being named an executor isn’t all plain sailing as there can often be confusion between loved ones as to what power an executor has and who has the final say with how things are done.

In this article we will take you through the definition of an executor, who can be one and what their roles and responsibilities are.

What is an Executor?

Put simply, an Executor is a person or institution (such as a solicitor’s firm), who is responsible for managing the estate and affairs of someone who has passed away. As an executor, it is your responsibility to ensure that the wishes and instructions of the deceased that are set out in their Will, are carried out and that their estate is dealt with accordingly.

Who can be an Executor of a Will?

Anyone over the age of 18 and of sound mind can be appointed. An executor can be:

  • An individual – this is usually a loved one of the deceased
  • A Professional – the deceased may have opted to appoint their solicitors, accountants or a professional executor
  • More than one – it is also possible for more than one person to be appointed as executor with a view to sharing out the responsibilities and tasks that need to be carried out.

The role and responsibilities of an Executor

So what roles and responsibilities are placed on an Executor?

STEP 1 – Admin: There are administrative duties involved for an executor such as contacting banks, utility companies, the Land Registry (for the property) and any other companies that the deceased was involved with to notify them of the death and sending a copy of the death certificate if required.

STEP 2 – Applying for Probate: As the executor, you will need to apply for a grant of probate. This will give you the legal authority to manage the deceased’s estate. If the estate is small or jointly owned, then probate may not be necessary but for larger estates or where significant assets are involved then a grant of probate is required.

STEP 3 – Assets: You are also responsible for collecting all the deceased assets, this includes bank accounts, property, investments, personal items.

STEP 4 – Debts & Taxes: If the deceased has any unpaid debts or loans, you are now responsible for ensuring they are paid back out of the estate as well as ensuring that any tax due on the estate (inheritance or other), is correctly calculated and paid. Inheritance tax may be payable for estates over £325,000.

STEP 5 – Estate Distribution: Once all the legal steps above have been completed, the executor can then move onto distributing any/all assets as stated in the deceased’s Will.

STEP 6 – Legal: Should any disputes arise regarding the Will, the estate or distribution of assets, it is the responsibility of the executor(s) to ensure these are dealt with and resolved.

STEP 7 – Keeping track: It is vital that you keep a record of every transaction, cancellation and decision made when tying up the deceased’s estate. This includes how assets are distributed, how the property is dealt with, any taxes/debts that have been paid and anything that was sold or transferred to another owner. If accurate records are not kept, you will not be able to confirm to beneficiaries how you have calculated their inheritance, which may lead to a challenge that you have not properly administered the estate.

How we can help:

Here at Backhouse Solicitors, we have a team of specialists who can guide you through the responsibilities of being an Executor. We can also act as an Executor on a Will and carry out all the relevant duties to take the pressure off family members and loved ones should you wish. Contact our friendly experts to discuss how we can help.

Tel:          01245 893400
Email:     info@backhouse-solicitors.co.uk
Visit:       17 Duke Street, Chelmsford, CM1 1JU
Or send us a message through the Contact Us page on this website.