Being named as an executor in someone’s Will is both an honour and a significant responsibility. Many people do not fully understand what the role involves until they are faced with carrying it out. If you have been appointed as an executor or are considering who to name in your own Will, this guide will help you understand what’s involved and how to navigate the process effectively.

What does an executor do?

An executor is responsible for administering the estate of the person who has passed away. This includes:

1. Registering the death – The first step is to obtain the official death certificate from the local registrar. This can be done by an executor or by a family member who is not an executor. 

2. Locating the Will – The Will outlines the deceased’s wishes and appoints the executor(s) responsible for administering the estate.

3. Valuing the estate – Executors must identify and value the deceased’s assets, including property, savings, investments, and personal belongings. They must identify any liabilities of the estate and consider any previous gifts made by the deceased during their lifetime.

4. Paying debts and taxes – Before distributing the estate, the executor must settle any outstanding debts, including funeral costs and inheritance tax if applicable.

5. Applying for probate – If the estate is above a certain value, or property is held in a certain way, the executor may need to apply for a Grant of Probate to gain the legal authority to administer the estate.

6. Gathering assets – Once Probate has been granted, assets can then be released to the executor in readiness for distribution.

6. Distributing the estate – Once all debts and taxes have been settled, the executor must distribute the estate according to the Will.

Who should you choose as your executor?

Many people appoint a spouse, child, or close friend as their executor. However, the role can be complex and time-consuming, so it is crucial to choose someone who is:

• Organised – The process involves dealing with legal and financial matters, so attention to detail is essential.

• Trustworthy – Executors have a legal duty to act in the best interests of the beneficiaries.

• Willing to Take on the Role – Always check that the person you wish to appoint is happy to take on the responsibility.

Some people opt for professional executors, such as solicitors, to ensure the estate is handled correctly and impartially.

Common mistakes executors make

Even with the best intentions, executors can make mistakes that delay the process or create legal issues. Some common pitfalls include:

• Failing to locate all assets – It is crucial to carry out thorough searches to ensure no assets are overlooked.

• Not settling debts before distribution – Distributing the estate too soon can lead to personal liability if debts or taxes remain unpaid.

• Misunderstanding the Will – Executors must ensure they follow the Will’s instructions correctly, which may require legal advice if the wording is unclear.

• Delays in administering the estate – Beneficiaries may become frustrated if the process takes too long, but rushing can lead to errors.

Final thoughts

Being an executor is an important role that comes with legal responsibilities. If you are drafting your Will, consider carefully who you appoint, and if you are an executor, seek professional guidance if needed. A well-informed executor can make the process smoother for everyone involved.

If you have any questions about executorship or need advice on estate administration, feel free to get in touch.