An Executor is a person appointed in a Will to be legally responsible for implementing what the Will states and managing the deceased’s Estate including assets and debts according to the instructions in the Will. The role of an Executor is crucial to ensuring the deceased’s wishes are carried out.
There can be multiple Executors and this usually includes close family members like spouses, children or siblings but a solicitor or accountant can also be appointed executor.
Merriman Solicitors frequently act as professional executors, and we offer expert Will Writing Services to help ensure your wishes are clear, legally sound, and easy for your chosen Executor to follow. Planning ahead with a well-drafted Will is one of the best ways to protect your loved ones and make the administration of your Estate more straightforward.
We also provide specialist Probate Solicitor support for Executors. Get in touch today to see how we can support you in carrying out your Executor duties and administering the Estate effectively.
What Are the Roles and Responsibilities of an Executor of a Will?
An Executor might be appointed in a Will well before the death of the testator. From this time until the testator’s death they don’t have any formal responsibilities but it is a good idea for the Executors to keep track of relevant documents, identify assets and ensure they know where the testator’s Will is stored.
The period after the death of the testator through, until the estate is fully settled is known as the ‘administration period’. During this time the responsibilities of the executors are as follows:
Obtaining the death certificate
The executor(s) must register the death and obtain the official death certificate.
Validating the Will
The executor must ensure the Will meets the requirements to be considered legally valid. This includes ensuring that the Will is signed by the testator and two independent adult witnesses. The Will must also have been made freely and without any undue influence.
Applying for probate
The executor must then apply for probate which means the right to administer the testator’s estate. To do this, the executor will use a PA1P form if there is a valid Will, and if not, they will use a PA1A form. It is highly advised that executors enlist a qualified probate solicitor to help with this process.
Identifying and managing the estate
It is down to the executor to locate and take on the management of any property, assets, investments and bank accounts left by the deceased. This process is made simpler if the testator worked with a qualified Will Writing solicitor prior to their passing as working with a solicitor will ensure their affairs are in order and easier for an executor to manage when the time comes.
Paying debts and taxes
An executor must settle any debts and taxes owed for the person who has died. This includes:
- Unpaid bills
- Filing in a Self Assessment tax return in respect of Income Tax due on income earned before they died (if applicable).
- Overpaid benefits
- Applying for tax refunds
It should also be remembered that further Income Tax may be due on other income received by the estate for the duration of the period between the date of death and the date when the administration concludes. Executors must pay the basic rate of 8.75% on dividends and 20% on savings.
It’s down to the executors to report any income the estate makes to HMRC. There are different reporting requirements depending on the size and complexity of the estate. For help with navigating this complicated stage of the process, enlist the help of a probate solicitor to ensure everything is carried out accurately and to save any confusion and delays later in the process.
Distributing assets
Once any debts and taxes are paid, it is down to the executor to distribute the assets to beneficiaries according to the Will. If distributing property, you must update the property register.
Final accounting and reporting
It is the executors responsibility to keep detailed records of how the assets were managed during the administration period and distributed. You should keep:
- Receipts showing debts and utility bills paid
- Receipts for related expenses
- Letters from HMRC
- Written communication from beneficiaries that they received their share of the estate
How Do You Choose the Right Executor for Your Will?
If you are currently writing your Will, you should consider the following legal, personal, and financial factors when choosing who will make a good executor. It is common for people to choose family members such as spouses, children or siblings, but there are other options such as choosing an accountant or solicitor. In order to be a good executor, someone should have:
- Trustworthiness and integrity
- Experience with legal or financial matters
- Willingness to take on the responsibility of being an executor
The only legal requirement is that the executor is over 18 years old.
When writing your Will, it is very important to have a section within your Will that outlines the executor’s role clearly so that they are well informed when taking on the responsibility and are more likely to carry out their role as you wish them to. A service Merriman Solicitors provides is Will Writing. Get in touch with us today and let us help you construct a robust Will which guarantees your wishes are carried out.
Can a Beneficiary Be an Executor of a Will?
It is very commonplace for a beneficiary to also be appointed an executor of a Will, particularly as a spouse, or children are often appointed executors as well as inheriting. The only thing a beneficiary cannot do is be a witness to the signing of that Will, which would make it invalid.
Whilst very common, it is important to consider the potential conflicts of interest with appointing a beneficiary as an executor, especially where there is more than one beneficiary and not all are executors. You should be sure the executors that you appoint will act in the best interest of all beneficiaries, not just themselves.
Advantages and Disadvantages of Appointing a Professional Executor of a Will?
Some people choose to appoint a professional executor, such as a solicitor or trust company. Merriman Solicitors specialise in acting as professional executors provides. Some advantages of appointing a professional executor include:
- Professional input: It is beneficial for a professional to take responsibility for particularly complicated estates to save a beneficiary or family member from taking it on whilst grieving.
- Support with issues: A professional executor has knowledge and experience beyond what most people have and so may solve problems and understand the process better than a friend or family member of the deceased. They will be able to support beneficiaries with their tax responsibilities and any legal issues which arise.
- Time-Saving: Hiring a professional solicitor will save your loved ones from spending their time managing your estate and sorting your affairs and it may accelerate the probate process more generally because of their experience.
There are also many disadvantages:
- Costs: Professional executors typically charge a fee for their services.
- Lack of personal connection: Some may feel that appointing a professional removes the personal touch that family members can bring to the process.
- Lack of necessity: Some straightforward estates can be managed easily by a non-professional executor. This is especially true with a probate solicitor offering support, which they can do without needing to be appointed executor themselves.
Essentially the decision whether or not to appoint a professional executor for your Will is down to the size and complexity of your estate and the availability of possible executors. Generally, for most estates, family members who have average experience in handling financial and legal matters can cope well with an executor’s responsibility if they have a qualified probate solicitor by their side providing advice and guidance.
Get in contact with Merriman Solicitors to see how we can support the executors you appoint in carrying out their duties and ensure your estate is distributed correctly and according to your wishes.
Conclusion
Being an executor is a significant responsibility, one that involves everything from validating the Will and applying for probate, to managing estate assets, settling debts, and ensuring the correct distribution to beneficiaries. While it can be a complex process, especially during a time of grief, a well-drafted Will makes a big difference.
At Merriman Solicitors we provide expert Will Writing services designed to make your wishes legally clear and easy for your chosen executors to follow. Whether you’re naming a loved one or considering a professional, having a solicitor involved at the Will-Writing stage can help safeguard your estate and support your executors through every step.
If you are an executor, you are not legally obligated to use the solicitor who prepared the Will, you are free to appoint your own probate solicitors to help you administer the estate. Get in contact with us to see how we can support you in performing your executor responsibilities.
We also offer trusted support across related areas, such as conveyancing services, which can be invaluable if your estate includes property that needs to be sold or transferred.
If you’re planning your Will, reviewing an existing one, or taking on the responsibilities of an executor, get in touch with our friendly, experienced team today.
