An executor is a person or persons named in a will that the deceased chose to distribute their assets after death. Being an executor is an important role to play.
Depending on the will and size of the estate, probate can take around 6 and 12 months to complete. As a result, being an executor can be time-consuming, especially if there are complications involved.
In this article, we will discuss everything you need to know about being an executor of a will. This includes what you will be expected to do, and the importance of seeking help from a professional solicitor. This will help to make the process easier to understand.
What is an Executor of a Will?
An executor manages the estate on behalf of the deceased after death. Many people name 1-2 executors in their will. You can officially name up to 4 executors depending on your personal preference.
Legally there isn’t a specific person that needs to be appointed for this task. Close family members such as spouses, partners, children, or siblings are typically named. When family members may not be involved, close friends are named. People commonly choose those they trust to handle their final wishes.
Alternatively, a person can choose a solicitor to act as an executor. This can help to ease pressure on relatives and friends after death. It can also speed up probate. What is probate? Probate is the legal process of managing a deceased person's estate. Solicitors have experience rewarding probate and they will
ensure everything has been carried out correctly and legally, which helps to prevent there being delays in the process.
An executor is directly named in a will. If there is no will present, the person dealing with the estate would be called the ‘administrator’. They wouldn’t have been named specifically by the deceased person before death. The person wanting to be the administrator of the estate will need to apply for letters of administration. This must be granted before the person can administer the estate.
Read more on: What is a Grant of Representation?
Compare & Save on Will Writing Costs
Accredited and regulated will writers
Used by over 1 million people
What do Executors of a Will Do?
The executors are in charge of handling the deceased person’s estate and ensuring that the wishes stated in the will are met.
Here is a list of things that are the personal responsibility of the executor:
Check the Latest Will
The executor must check the paperwork of the deceased to ensure they have the most up-to-date version of the will. This will help to prevent delays, disputes and discrepancies. Some people may have older copies present that are now outdated or invalid. A solicitor can help ensure you are dealing with the correct will.
Applying for Probate
Even though you may have been legally named as an executor of the will, you are still required to apply for a grant of probate. This will provide you with the legal right to distribute the deceased’s assets once the grant has been approved.
Arranging the Funeral
The executor of the will typically organises the funeral arrangements. This includes covering the funeral expenses. The estate can be used to pay for the funeral in some instances. They should check whether the deceased person has a funeral plan in place which must be followed.
Registering the Death
The responsibility of registering a death typically falls on the family of the deceased. If no family is present, this task can fall into the responsibility of the executor. Deaths must be registered within 5 days in England, Wales and Ireland. In Scotland, you have up to 8 days. It should be registered through your local register office.
Obtaining the Death Certificate
After a death has been registered, the executor will receive a death certificate. This is an important document that will be needed during the probate process. It contains information such as the cause of death, the name of the deceased and their age.
Make Sure all Property Owned by the Deceased is Secured
All property should be secured as soon as possible. This is to help protect the property and any items it contains throughout the private process. The executor handles its safety, and many choose to take out probate house insurance.
For more information read: What is Probate House Insurance?
Contact Bereavement Register to Stop Postal Deliveries
The Bereavement Register will stop mail for the deceased being delivered. This includes marketing and unnecessary promotional materials.
Getting a Valuation of the Estate
Getting a valuation of the estate is an essential part of the probate process. It helps ensure everything is accounted for and the correct amount of Inheritance Tax (IHT) and Capital Gains Tax (CGT) is paid. Probate valuation includes property and non-property assets above £500.
Read more on: What is a Probate Valuation?
Send Death Certificates to Asset Holders
A copy of the death certificate will need to be sent to many asset holders and companies to show the person has passed. This can include, but is not limited to:
- Banks
- Building Societies
- Insurance companies
- Pensions
A physical copy must be sent to each organisation. You cannot send a photocopy of the death certificate. You will need to buy the death certificates individually. You can notify everyone at once through the Death Notification Service.
The initial certificate will cost £12.50 according to the Government website. Each search will then be £3.50. For priority services, you can expect to pay £38.50.
Making Copies of the Will
If needed, copies of the will can be created. It’s typically only executors that initially need a copy of the will. They can choose to share details with beneficiaries if necessary before probate is granted.
A copy of the will needs to be sent when applying for probate. It will cost £1.50 per copy. After probate has been granted, a will becomes a public document that can be accessed by anyone.
Collect all Assets and Money Due to the Estate of the Person who Died
Assets involve many things depending on what the deceased person owned. This includes but is not limited to:
- Property
- Money
- Valuables
- Sentimental items
- Savings
- Pensions
The executor must close the deceased’s bank account and ensure that private pension plans are cancelled. The Department for Work and Pensions (DWP) can assist with this.
Read more on how to close bank account when someone dies
Set Up a Bank Account for Funds from the Estate
It's useful to set up a separate bank account to handle money from the estate instead of using your own. This will ensure all the money is accounted for and it makes it easier to distribute the funds from the estate. It keeps money separate from funds in an existing account too. This helps to prevent any potential disputes about inheritance.
Paying any Outstanding Taxes and Debts
It is the executor’s responsibility to ensure any outstanding debts have been paid. They can place a public advertisement in local gazettes and newspapers to make creditors aware of the passing. This helps protect the state from unexpected outstanding debts.
The executor will need to ensure priority debts such as council tax are paid. Unsecured debts left, such as credit cards and utility bills will need to be settled. Any necessary tax forms must be completed and sent off. Inheritance Tax is calculated and paid for by the executor using money from the estate.
Distributing the Estate to the Beneficiaries in the Will
The executor handles the will and the deceased’s wishes. They will distribute the assets accordingly and ensure each beneficiary has their inheritance.
An executor may not have to carry out the duties included above. This will depend on each case and the complexity of the individual state.
For more information read: Probate Granted: What Happens Next?
Compare & Save on Will Writing Costs
Accredited and regulated will writers
Used by over 1 million people
What if You No Longer Want to be an Executor?
If you have been named as an executor, legally you aren’t obliged to carry out the role if you don’t want to. There is a legal process you will need to follow if you are giving up this responsibility.
You must sign a deed of renunciation to state you are giving up the responsibility to deal with the estate. You will need to fill out a PA15 form and submit it to the Probate Registry.
You don’t need to state your reasoning, but independent witnesses must be present when signing the document. This confirms you are of sound mind and aren’t being coerced to renounce in any way.
If you’ve already taken action regarding the estate, you will be unable to have the deed of renunciation approved. This includes collecting assets or contacting bank accounts. It is classed as intermeddling with the estate.
Once the form has been accepted, you have renounced legal responsibility to administer the estate. If you are included in the will, renunciation won’t affect your rights to the inheritance in any way.
Should you use a Solicitor to be the Executor of a Will?
There are advantages and disadvantages to using a solicitor to be the professional executor of a will. It could be the most suitable option if you don’t have anyone in mind to be your executor. Or if the person you wanted to be the executor doesn’t wish to take on this role.
There is a lot of responsibility involved with being an executor of a will. By choosing a solicitor to act as your executor, you can ensure assets are distributed correctly according to your will. They are expertly trained and educated.
Executors are financially liable for any mistakes made. They are also responsible for any outstanding debts. Having a solicitor as an executor will ensure no mistakes are made. This is particularly useful if you have a large or complicated estate.
A solicitor can help speed up the process of how long probate will take. They can work through the forms and legalities quicker than a family member with no experience.
A disadvantage of using a solicitor to be the executor of a will is the cost. Solicitor fees will need to be covered if you are choosing to use their services. You will not need to pay for these services in advance. Instead, the money to cover the solicitor’s fees is taken from your estate. As money is taken from the estate, this decreases the total amount of inheritance beneficiaries can have.
Compare & Save on Will Writing Costs
Accredited and regulated will writers
Used by over 1 million people
Choosing a Solicitor
Even if you choose a trusted person to be the executor of your will, they may choose to use a solicitor during the probate process. This is common, especially if the person has no experience with being an executor. By naming a solicitor as the executor, you will reduce the work and stress loved ones may have to face during the probate process.
Here at Compare My Move, we can help connect you with up to 6 will writers. Our will writers are regulated by either:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
The Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
The Institute of Chartered Accountants (ICAEW)
Institute of Professional Will Writers (IPW)
The Society of Will Writers (SWW)
As a result, you know you will receive the best possible service and specialist legal advice.
Fill out our online form to match with companies in your local area to save on your will writing costs. Every company we work with has passed our strict verification process.
