Help for Accountants: Supporting Clients in an Executor Role

The role of executor (or administrator, in cases where there is no Will) can be complicated and wide-ranging. Many individuals who find themselves taking on this role really benefit from the support of a professional. ?

One of the most important ways for professionals to support their client in this position is to ensure they understand the scope of the role they’ve been tasked with. This includes making sure the client understands the various legal responsibilities that come with being an executor or administrator.?

These could include:?

·???????Registering the death and arranging the funeral (if not done by family members)

·???????Ensuring property and belongings are secure

·???????Notifying relevant people and organisations of the death

·???????Assessing and valuing the estate

·???????Communicating with the beneficiaries of the estate

·???????Settling outstanding debts

·???????Preparing property and belongings for sale

·???????Applying for probate

·???????Paying inheritance tax

·???????Tracking down beneficiaries

·???????Producing estate accounts for beneficiaries

·???????Distributing the estate in accordance with the Will (or intestacy rules)

A trusted accountant is often one of the first professionals an individual will turn to in these situations. This is especially the case if the accountant had first-hand knowledge of how the person who has died managed their finances. Support with assessing and understanding the finances of an estate can be extremely valuable. Many clients will find this is all they need to then go on to complete estate accounts, submit a probate application and pay any inheritance tax that’s due. ?

However, executors aren’t always aware of their full accounting duties. In cases where the executors and the beneficiaries are the same people (for example, the adult children of the person who has died) and there are no disputes, there’s likely to be minimal documentation necessary in terms of communication and accounting to beneficiaries. Conversely, if the executors are working on behalf of a bigger group of beneficiaries who haven’t been part of the process, the executors would need...Read more