Being named as an executor of a will is an important role. Executors are responsible for ensuring that the estate is properly wound up, and that the wishes of the deceased are carried out in accordance with their will. The key duties of an executor are discussed in this article.
Arranging the funeral
Many people leave a note in their will detailing the kind of funeral they would like and whether they would like to be buried or cremated, and whilst not legally binding, funeral wishes are often followed. If not the same people, the executors should therefore inform the family of any last wishes that the deceased made. The executors must also arrange payment of the funeral and may pass the invoice onto the deceased’s bank, who will usually pay the funeral home directly.
Securing and valuing the estate
If the deceased’s home has been left empty, the executors have a duty to secure it, by locking all doors and windows, ensuring that regular deliveries are stopped, and unoccupied property insurance is taken out.
The executor must also attempt to identify all of the assets and liabilities that the deceased had at the date of their death by contacting relevant organisations such as banks and insurance companies, and valuing any property. They may need to arrange for professional valuations for any high value assets.
Such assets may be obvious but some unexpected, as these executors recently found out when they came across a first edition of a Harry Potter novel: Harry Potter first edition found in Devon house rubbish sells for £18,000 | ITV News West Country This demonstrates the importance of considering all of the assets carefully, particularly before disposing of anything.
Paying any inheritance tax (IHT)
IHT may have to be paid on the estate if it is worth more than the deceased’s available threshold. The executors have a duty to pay any tax due promptly, and before the end of six months from the date of death to avoid penalties and interest accruing. Executors must pay any IHT due before applying for the grant of probate.
Applying for probate
A grant of probate gives you the legal right to deal with someone’s estate. Executors should check that probate is needed as it is not always the case that it is (for example, if there is no property and the balance in any bank account is under the bank’s threshold for probate). If it is required, the executor must apply to HM Courts & Tribunals Services for the grant.
Collecting in, paying any debts and legacies and distributing the estate
Once the grant is received, or if it is not needed, the executors should send instructions to asset holders to close the accounts. When the assets are released, the executors have a duty to pay any debts due and legacies under the will, and distribute the estate to the residuary beneficiaries.
Keeping accounts
The executors must keep a set of ‘estate accounts’ to demonstrate all of the assets and liabilities, tax and legacies paid, so that the residuary beneficiaries have a clear picture of how the estate has been dealt with.
It is important to note that well intentioned executors are not personally responsible for the deceased’s estate, a concern that many people have.
If the deceased has not left a will, then those entitled to become an administrator are governed by intestacy provisions, but the duties of an administrator remain largely the same.
Duties of an executor
The duty to administer an estate must be performed with due diligence and care. The duties of an executor may be carried out without any assistance, but if they feel that they need advice on any aspect, a solicitor can help with the process.
Speak with our expert Laura McDonagh and our Wills, Probate and Estate Planning team.