A quick guide to being an executor of a will

After someone close to you dies, you may be named as an executor of their will. Being given this responsibility can be a lot to handle at a difficult time, and may prompt a lot of questions. So what exactly does being the executor/administrator of a will or estate mean?
To help lessen the load, here's a quick guide covering what this important responsibility entails and how you can get expert advice to make this challenging role easier to handle.

How does someone become an executor?

When someone dies, the property and valuable assets that they leave behind is called their ‘estate'. If the deceased person left a will, this will usually name the executor(s) or administrator(s) who will be legally responsible for managing their estate and personal affairs after they pass away. If someone dies without leaving a will, this responsibility usually falls to their next of kin.

People who are named executors in a will are usually people that the deceased person trusted greatly and who they believed that would be capable and qualified to help them after they pass away. Professional solicitors can also be appointed as executors, rather than loved-ones or close relatives.

Anyone who is over 18 is eligible to be named as an executor even if they are due to inherit money or assets from the will.

Responsibilities of an executor

The executor is tasked with managing the affairs of the deceased person during the administration period that starts from the date of the deceased person's death, and ends when the assets have been passed onto the beneficiaries (either named in the will or passed to the relevant next of kin).

Estate administration can typically involve duties such as paying off any debts and liabilities that were due at the time of the deceased person's death, paying inheritance tax, and distributing the estate to the beneficiaries under the will.

Executors are also legally responsible for:

• Identifying everything in the deceased's estate — for example, money in bank accounts, insurance policy proceeds, pension payments, investments and physical assets such as cars or furniture
• Valuing the assets. Specialist valuers may be needed to help value some assets such as any property belonging to the deceased, antiques or shares in a company. The value of all assets will need to be reported to HMRC for inheritance tax purposes.
• Calculating any debts and liabilities of the estate — these could include mortgages, loans, credit cards or other debts that the person who passed away may have owed.
• Completing inheritance tax forms, and dealing with any inheritance tax due, which will vary depending on the exact value of the estate
• Paying funeral costs (or reimbursing whoever has already paid them if the funeral has already taken place and been paid for)
• Paying any applicable debts or liabilities
• Making distributions to beneficiaries in accordance with the terms of the will. You may need to pay a tracing service to find some of them
• Drawing up estate accounts for the beneficiaries so they can see that everything has been accounted for
• Executors can also act as trustees if the will sets up a trust — for children under 18, for example.
• For assistance and expert legal support to guide you through any of these Executor's responsibilities, you can always get in touch with a solicitor who specialises in probate duties or estate management. 

Why is the executor needed?

As executor, you only act as a representative or custodian appointed to manage the estate in this period of transition after the original owner dies and before the estate is passed down to the beneficiaries. For example, any income from investments in the estate during probate gets added to the estate and does not belong to the executors. Similarly, you are not personally liable for the deceased's debts or liabilities. However, you do have a legal duty to secure the estate for the benefit of the beneficiaries.

Applying for a grant of probate

If you are named as the executor of your deceased loved-one's estate you may need to apply to probate to manage their estate or before selling their former home. Being granted probate gives you the authority to make arrangements for your loved-one's estate in its entirety.

You may not need to apply for probate in all cases, including if your departed loved-one only held money in savings accounts, owned money or shares jointly with others, or owned property or other assets jointly with others. In the case of shared ownership, these assets automatically pass to their remaining surviving owners.

To learn more and apply for probate online or via post click here or you can enlist the services of a qualified solicitor to help you through this process.

Will I need the help of a solicitor?

Due to the complexity involved in acting as the sole executor or administrator of an estate we recommend getting in touch with a solicitor with experience dealing with probate and estate matters to help assist you.

Given the complexities involved in estate administration, many executors find it helpful to seek professional legal advice. This can provide peace of mind and help ensure all duties are carried out correctly.

Why choose QualitySolicitors estate lawyers?

Our estate lawyers have years of experience supporting personal representatives with probate and estate administration. We understand how difficult it is to administer a loved one’s estate when you are grieving. We aim to make the process as straightforward as we can.

We offer a Free Initial Assessment so you can get advice from an estate administration solicitor free of charge. To arrange your Free Initial Assessment, please call 08082747557 today.