The role and responsibilities of an Executor

What is an Executor

An executor is a person named in a Will who is responsible for managing a deceased person’s estate. This includes securing assets due to the estate, paying any debts owed at the date of death, settling the tax liabilities that may arise as well as arranging for distribution of the estate to the beneficiaries outlined within the Will.

Authority to act as an Executor

An executor’s authority to act on behalf of someone’s estate initially comes from the Will of the deceased person, which takes effect upon their passing. This authority is confirmed by the legal document known as the Grant of Probate.

Key responsibilities

Initial responsibilities as an executor include registering the death, locating the original Will and arranging the funeral.

Following that, executors then take steps to obtain valuations for all assets held at the death of death. Executors are also responsible for ensuring that the any estate property is insured and that the insurance is updated to reflect the property is unoccupied as soon as possible, to prevent any loss in case of an insurance claim.

Depending on the type and amount of assets held, the executors will need to determine whether the estate suffers an Inheritance Tax liability or whether they can progress immediately to the Grant of Probate application. The Grant of Probate is issued by the Probate Registry proving the Will. The Grant of Probate confirms the executors’ authority and is obtained on the basis of the estate assets, taking into account any liabilities at the date of passing.

Upon receiving the Grant of Probate, the executors will take steps to collect in the assets of the estate and settle any outstanding debts.

Once all assets have been collected in and liabilities paid, the remaining funds will be distributed between the beneficiaries in accordance with the Will instructions.

Good record keeping is essential and detailed accounts should be prepared in respect of all assets, liabilities, income as well as expenses.

How long does the role last?

The role of an executor typically lasts for the entirety of the estate administration period which is usually between 9 to 12 months. There is no strict time limit for the duration of this role, and various factors may prolong this timeframe for example, complex estates and tax issues, property sales, disputes between beneficiaries or missing beneficiaries, or if the Will includes trusts.

Can an Executor be paid?

Executors are not automatically entitled to payment for their time. Whilst professional executors (e.g. solicitors/accountants) can charge for their time engaged, lay executors (e.g. friends/family) cannot charge for their time spent dealing with the estate unless the Will authorises this. All executors are entitled to be reimbursed for any expenses they incur during the administration.

What if they don’t want to act?

If an executor does not wish to act, they can formally step down by signing a Deed of Renunciation. It is important that if the executor intends to renounce, they should not “intermeddle” with the estate administration. An alternative would be to reserve their power. Power reserved means the executor steps aside but can step back in at a later stage, should this be required. This will depend on whether any other executors appointed are prepared to act alone.

How can professional support help?

The estate administration process can be overwhelming, technical and very time-consuming. Professional assistance can alleviate the significant burden and ensures that the process is compliant with legal and tax requirements and progresses efficiently. While family members may disagree, a professional remains impartial and objective, making decisions based on facts and law rather than emotions. It is also important to note that executors are personally liable for financial losses caused by errors or omissions during the administration period and seeking professional help reduces this risk.

How Ellis Jones can help

When making a Will it is a vital to give good consideration about who to appoint as your executor. An executor should be trustworthy, organised and capable of handling the legal and financial responsibilities the estate administration entails.

At Ellis Jones, we have a reliable and dedicated team of experts who are able to provide guidance and assistance if you have been appointed as an executor and are unsure what your role entails or where to begin, as well as if you are planning to make a Will and require advice on who is best to appoint.

For further information please visit our Wills, Trusts & Probate page or contact the team at 01202 525333 or wills@ellisjones.co.uk.