The Role of an Executor: What Does it Involve?
Rachel Roche LL.M. TEP ??
Multi-Award Winning Law Firm Owner || Entrepreneur || Author & Speaker || Solicitor || Passionate about AI, Business Building and Trying New Things || Always Thinking || Goldman Sachs 10KSB ?? Instagram: @iamrachel_roche
If you’ve been nominated as an executor in someone’s Will, it’s important to understand just how much of a responsibility it is.
When someone dies, their executor’s job is to bring absolutely all of their financial affairs to a close. Most people enter into a great many financial agreements over the course of their lives, from big ones such as mortgages and pension plans to regular small ones such as utilities, credit cards and subscriptions.
The main responsibilities of an executor include:
- Assessing and valuing an estate
- Paying any debts
- Notifying relevant organisations of the death
- Applying for a Grant of Probate
- Paying inheritance tax
- Distributing the estate as per the terms of the Will
Even a small and relatively straight-forward estate involves a lot of work for the executor. Below, we’ve given an overview of some of the lesser-known responsibilities.
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Checking the validity of the Will
It’s not simply the executor’s job to find a Will and follow the instructions given in it, they also need to be confident that the Will is valid. There are a variety of factors that might’ve made a Will – or parts of a Will – invalid, such as remarriage or divorce. These issues are explained in our free ebook, Challenging a Will.
Once an executor is confident the Will they’ve been tasked with administering is valid, they’ll need to check the Will accounts for all assets belonging to the estate. Most wills contain a ‘residuary clause’ which means anything that isn’t specifically mentioned will go to a named residuary beneficiary. If the Will doesn’t account for all assets and doesn’t have a residuary clause, any remaining assets would need to be distributed as per intestacy laws.
Registering the death and organising the funeral
There is some crossover in responsibilities between executors and close family members when it comes to registering the death and organising the funeral. In practice, executors and close family members are often the same people.
Legally, the responsibility of registering the death falls to the person who is organising the funeral. This may well be the executor, as they are often responsible for paying for the funeral in the first instance (either by liaising with the bank where the person who has died held an account, or by covering the cost themselves and claiming it back from the estate).
Ensuring property is safe and secure
The executor has a legal responsibility to fully assess the estate and distribute it as per the Will. They are also responsible for ensuring all assets are properly protected before distribution.
Because of this, an executor has the authority to change the locks on the home of the person who has died. This may be a consideration if the executor does not know who has a spare key, or if they have any other concerns about...More
Director at Dowes Wealth a Partner Practice at St. James's Place Wealth Management
3 年Great read Rachel Roche LL.M. TEP thanks for sharing!
Head of Marketing & Communications at Penn Group | & The Admin at HLN
3 年Really useful, thanks for sharing. As ‘newly willed person’ (not sure if that is a term), I will be sure to share that article with my executrixes.
Associate solicitor at Irwin Mitchell
3 年In my experience family members often underestimate the work involved in acting as an Executor. This can lead to them becoming overwhelmed with the process, since there are many practical, as well as legal tasks, all at a time when they are grieving. I've always enjoyed helping family members through this process and giving them peace of mind that they haven't missed any of their responsibilities. and ensured the best possible outcomes for the beneficiaries After all, it thankfully isn't something they do every day, but it is for me and Rachel Roche LL.M. TEP
Multi-Award Winning Law Firm Owner || Entrepreneur || Author & Speaker || Solicitor || Passionate about AI, Business Building and Trying New Things || Always Thinking || Goldman Sachs 10KSB ?? Instagram: @iamrachel_roche
3 年This blog was Clare's idea - it's so important that people are aware of what they're getting into and what the options are from the start. That way, they can make an informed decision about what to do that best suits them and their circumstances.
Still fascinated by your opportunities!
3 年As well as responsibility, there is also power. Selling my parents house, I could honestly bat away silly offers by saying I was only the Executor with responsibilities to the beneficiaries and in no rush to sell. That's more power than we usually have in selling our own homes!