Being the executor of a will is an important role. In this blog we’ll explore the responsibilities an executor has, who can become an executor and if you can remove an executor once they’ve been appointed in a will.
What is an executor of a will?
Executors are named in a will and are legally responsible for handling the deceased’s estate. This could include handling the deceased's belongings, finances, properties and possessions.
If there is no will or the executors don’t want to fulfill their role, an executor may be referred to as an ‘administrator’ instead.
What is the role of an executor of a will?
An executor will manage the deceased's estate during the ‘administration period’. This starts from the date the person dies until the assets have been passed onto the beneficiaries.
In terms of specific responsibilities, executors undertake the following tasks:
- Paying off any of the deceased’s debts.
- Selling assets such as properties.
- Paying any tax that’s due.
- Reporting the estate value to HMRC.
Other responsibilities include:
- Checking for the latest will - Before doing anything you should check that the will you’re using is the latest version and that you are appointed as an executor.
- Identify whether there are any funeral plans - Look at the deceased's paperwork and will to double-check whether they have any insurance or prepaid funeral plans.
- Make funeral arrangements - Check to see if the deceased left any wishes for their funeral and make any arrangements based on them. If the deceased didn’t have any insurance you should be able to claim the costs back in their estate and their bank should agree to release enough money from their accounts to cover funeral costs.
- Valuing the estate - To work this out you’ll need to find their bank accounts, insurance companies, employers, pension providers, and utility providers. You’ll also need to notify them all as well as HMRC of their death. You should find out what the deceased owed so that you can work out their estate’s value.
- Apply for probate - Before applying for probate you will need to pay any inheritance tax due. Once probate is granted it will give you permission to administer the estate.
- Place a Deceased Estate Notice - While this isn’t a legal requirement, placing a Deceased Estate Notice with The Gazette, notifies creditors to make any claims for unpaid debts. This will show that you have made reasonable steps to pay off any debts in the event of a dispute occurring.
- Open an executor bank account - This allows you to hold the financial assets of the deceased.
- Pay off any outstanding debts - All debts must be paid off before the estate is distributed. This includes income tax.
- Distribute the estate - The estate must be distributed according to the deceased’s will.
- Complete the accounts - This shows all of the deceased’s financial assets, what was paid off and how the rest of the estate was distributed. This will then need to be approved and signed by the beneficiaries of the will.
What does an administrator do?
Administrators are responsible for an estate if there is no will or the appointed executors do not want to complete their role. However, they must apply for letters of administration before they can deal with the estate.
Who can apply for letters of administration?
A number of people can apply for letters of administration, including:
- The husband, wife or civil partner of the deceased.
- The children or adopted children of the deceased.
- The grandchildren of the deceased.
Who can be an executor of a will?
A number of people can be an executor of a will, such as:
- Spouses.
- Civil partners.
- Children.
- Anyone over 18.
- Beneficiaries.
- Solicitors.
It can add extra piece of mind if you’re able to appoint an executor with some knowledge and expertise relating to managing estates, as executors can be personally and financially liable for any mistakes they make regarding your estate. As a result, many people appoint a solicitor as an executor. At Wright Hassall, our Will Writing and Estate Administration Solicitors can help with this.
The pros of appointing a solicitor as an executor
- Solicitors are able to better manage and advise on complicated estates.
- Enhanced knowledge and experience regarding managing and distributing estates effectively.
- Tailored support related to tax responsibilities and legal issues.
Cons of appointing a solicitor as an executor
- It incurs an extra cost.
- Payments may be taken from the estate to pay for the solicitor's services.
- It can take time to find the right solicitor for your estate.
Can an executor be removed?
Yes, removing an executor of a will is possible, but the courts will only remove them if:
- The executor is disqualified after the deceased appointed them.
- The executor is incapable of performing their duties.
- The executor is unsuitable for the position.
Whether you’re creating a will or have already been appointed as an executor, our team of Will Writing and Estate Administrator Solicitors are here to help you navigate every step of the process. Get in touch with us today to see how we can help you.
