A Will sets out what you would like to happen to your belongings, assets and money when you pass away. One of the most vital decisions when creating your Will is who the Executor will be. So, what does an Executor of a Will do?
Whether you have someone in mind or you are considering hiring a professional Executor, such as a solicitor, understanding what an Executor of a Will does and the powers they have, is extremely important. This guide aims to provide you with a good understanding of the role of an Executor of a Will and the powers they may have.
At Elite Law Solicitors, we have extensive experience in the planning and execution of Wills and also dealing with the probate process. Whether you are considering preparing a Will or require advice or assistance relating to the probate process, our team of experts will be able help. Get in contact with us today by calling 0800 086 2929, emailing info@elitelawsolicitors.co.uk or by completing our Free Online Enquiry Form. Our expert team of solicitors can provide the expert guidance and support you require.
What is an Executor of a Will?
An Executor is an individual appointed by the Will who has legal responsibility for sorting out the estate of a person after they die.
The estate includes everything that person owned in their sole name, including their property (this also includes property held jointly as tenants in common), possessions and money.
An Executor is often an immediate family member of the deceased, such as a spouse, adult child or partner. However, many people choose to appoint a professional Executor, such as a solicitor, to ensure the provisions of the Will are carried out correctly.
In some cases, the deceased may not leave a Will. In these circumstances, a person entitled to apply under the Rules of Intestacy, although it is usually either the spouse or parents, or siblings apply to the Probate Registry for a Grant of Letters of Administration. Instead of being the Executor, they are the Administrator. If there is no one to act as Administrator, a Public Trustee may be appointed to carry out this duty.
It is also worth noting that you are not limited to a single Executor. For instance, you could give the Executor role to a family member, with additional support from a trained solicitor that is paid from the estate for their services. The solicitor can either act with the family member or members or as a backup option in the event your primary Executor cannot fulfil their duty.
What does the Executor of a Will do?
The Executor of a Will has a legal responsibility to ensure the estate of the deceased is appropriately wound up and that their wishes are carried out as set out in their Will. Some of the key responsibilities for this role include:
- Registering the death of the individual
- Making arrangements for a funeral and wake
- Organising valuations of all of the assets in the estate
- Organising the payment of any Inheritance Tax that is due to HMRC
- Applying for a Grant of Probate
- Closing the investments held by the deceased
- Organising the sale of any property owned by the deceased
- Placing a deceased estate notice to allow potential creditors to come forward
- Distributing the estate according to the terms of the Will
- If acting without a solicitor, preparing and signing the Estate Accounts
The responsibilities of the Executor are primarily administrative and involve the organisation and management of the affairs of the deceased, including their funeral, their estate and their finances in general.
If you are named an Executor, the first thing you will need to do is locate the Will, as the Will may have the instructions and wishes of the deceased which should be followed immediately after they pass away. For example, your loved one may have specific information about how they would like their funeral to be held in their Will, alongside information about who is a beneficiary of their estate.
What powers does an Executor of a Will have?
When you are appointed the Executor of a Will, your primary power is the legal duty to distribute the estate of a deceased person, including all the management and administration required to adhere to the wishes of the individual. This power comes into effect once the person dies.
If a person dies without a Will, then the Administrator holds the same power as an Executor, with the primary difference being that the Executor can exercise their power when the person has passed away, whereas an Administrator only acquires the power to administer the estate when he or she is named on the Grant of Letters of Administration.
Being named as an Executor in a Will provides the power to access the financial information of the deceased, including:
- Their bank accounts
- Their personal finance documents
- Any debts in the name of the deceased
- A total valuation of the estate
Once you or someone else is appointed Executor of a Will, a statutory duty of care applies, as defined in the Trustee Act 2000. This means you have a legal duty to act in the best interest of the beneficiaries of the estate, and you should avoid any loss or injury to the estate. Accurate, clear records must be kept in relation to the estate, because any mistake carries personal responsibility.
In the event an estate is mismanaged by an Executor, such as if any missed claims occur after the estate is distributed, such as debts or tax payments that have been overlooked, the Executor may have to pay these costs out of their own pocket.
Can a Executor of a Will be a beneficiary?
Yes, an Executor can also be a beneficiary of a Will. Many people choose family members or spouses as their Executors, and it is often the case that the Executor may also receive part of the estate.
The only people that cannot be beneficiaries of a Will are the witnesses who were there when the Will was signed. Any witness or their spouse cannot receive a legacy or share of the estate.
What needs to be considered when choosing an Executor?
Being an Executor requires you to undergo a lengthy, complicated and often demanding process. While some estates are relatively straightforward, others involve different debts, assets, properties and more that require a long-term commitment to meet necessary standards.
As such, if you are deciding who will become the Executor of your Will, it is important to consider the different factors involved in the process and the legal responsibility of this role. Some elements you may want to consider include the following:
How much trust you have in that person to be an Executor of your Will
Trust is a key factor in deciding the Executor of your Will. As they need to follow your instructions and wishes, picking a person you know will meet that standard is an ideal starting point for choosing a reliable Executor you can trust.
Whether they will be capable of handling administration of the Estate
Following your death, the people closest to you may be struggling with grief, making it more difficult for them to get involved with the in-depth processes and responsibilities involved in executing your Will. Thinking about who has the capability to manage the burden of paperwork is helpful for asking the right person to carry out this important job.
If you need more than one Executor
The administration involved in more complex estates can benefit from more than one Executor to divide up the challenges involved in managing assets, organising valuations, uncovering debt information and more. Choosing two Executors can help to reduce the level of responsibility on a single person.
If expert help will make the process of managing the Estate smoother
Relying on an accountant or experienced private client solicitors makes the process of managing the estate significantly easier. For example, a solicitor has a strong understanding of the paperwork and processes involved, making the process of managing complex assets and finances less stressful for family members.
How Elite Law Solicitors can help
How Elite Law Solicitors can helpMeg Wilton is an experienced lawyer and is the Head of the Private Client Department at Elite Law Solicitors. Meg admitted as a Fellow of the Chartered Institute of Legal Executives in 2008 and has been working in private client practice in Buckinghamshire since 2001.
Meg has a wealth of experience in a wide range of matters including the administration of estates when someone has passed away, Wills, Lasting Powers of Attorney, dealing with Court of Protection applications for deputies, inheritance tax planning and Trusts.
Whether you are looking to make or amend a Will, or require expert assistance with the probate process, Meg will be able to assit.
Meg has a thorough knowledge of preparing Wills, and of the probate process and can be relied upon to guide you carefully through each step of these legal processes.
If you would like to discuss your circumstances or requirements with Meg, please call us today on 0800 086 2929, email info@elitelawsolicitors.co.uk or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion.
The content of this article is for general information only. The information in this article is not legal or professional advice. If you require legal or professional advice you should obtain independent expert advice from qualified Private Client Lawyers such as those within our firm.
