The Role Of Executors

Being named as an Executor in a Will is a large responsibility that many people need help with. If you are a nominated Executor and you feel you require some assistance in understanding the complicated probate process, there is help at hand. A solicitor specialising in probate will be able to advise you, both answering any questions you may have and guiding you through the process.

What Is An Executor?

When someone makes a Will, it is highly likely they will nominate an Executor to act as a Personal Representative (PR) of their estate when they die. There can be up to four named Executors who will be responsible for the deceased’s estate, both in terms of management and administration.

Ideally an Executor should be someone that can be trusted, such as a relative, a close friend, or even a professional such as a probate lawyer. Being an Executor entails a large amount of responsibility, and thus anyone being considered for the role should be consulted before it is made official in the Will.

What Are The Responsibilities Of An Executor?

As stated in the law, an Executor is requested to ‘collect, get in, and administer according to law the estate of the deceased’. Essentially, this means an Executor must ensure any outstanding debts of the deceased are paid, pay inheritance tax (if necessary), and finally distribute the estate as stipulated in the Will.

Overall, the role of an Executor can be broken down into three major areas:-

1. Legal Duties

The first step of an Executor is to go through the Probate Courts in order to obtain a ‘Grant of Representation’. Only with this document can an estate begin to be administered. Once this has been achieved, other legal duties can include setting up and managing trusts, and managing claims against the estate.

2. Tax Duties

An Executor will also have to perform numerous tax duties. The extent of this particular role will depend upon the estate. However, it is necessary to consider whether there is any Capital Gains Tax and Income Tax to be paid.

Furthermore, the issue of Inheritance Tax must be addressed. Not everyone is obliged to pay Inheritance Tax, but if they are then the Executor must calculate how much must be paid, complete the forms, and then pay the correct amount (this sum could change with time as the value of assets changes). Confirmation from HM Revenue and Customs must be obtained once the Inheritance Tax has been paid.

3. Administration Duties

Lastly, an Executor must administer the estate. This can include:-

Gathering assets and paying debts;
Locating any unidentified assets and missing beneficiaries;
Selling and/or transferring property if necessary;
Distributing the estate to beneficiaries named in the Will;
Setting up trusts to protect the inheritance of beneficiaries under the age of 18.

Can I Give The Role Of Executor To Someone Else?

Being an Executor is a large amount of responsibility, and many people are daunted by the prospect. However, there is additional help you can enlist.

Firstly, if the probate process is yet to get underway, you can choose to delegate the role of Personal Representative to a legal professional. This means you will not be named of the Grant of Representation, and instead a probate solicitor will administer the estate on your behalf.

Alternatively, if the process has begun or you do not want to relinquish your role completely, then you can employ a solicitor to act as a third party. This means you will still be named as a Personal Representative, but you will benefit from legal assistance throughout the process.