Choosing an Executor and the role of an Executor

An Executor is a person named in a Will who administers the estate (money, property, possessions) of the person who has died (the Testator). Being an Executor can be onerous as it can involve a lot of work and responsibility, so think carefully about who you choose. Discuss the appointment with your chosen Executor to check that they are willing to act before appointing them in your Will.

Executors have a wide range of powers and responsibilities. These range from registering the death and arranging the funeral, identifying all the assets and liabilities held by the deceased and informing all relevant financial institutions, to completing any necessary paperwork required by HMRC if inheritance tax is payable, applying for a Grant of Probate, collecting in / selling the assets, settling debts, and distributing what is left (the residuary estate) to the beneficiaries named in the Will.

If those beneficiaries are minors, then they will need to hold the beneficiary’s entitlement in trust (in their new capacity as a Trustee) until the beneficiary attains the age specified in the Will.

Crucially, the Executor’s duty of care does not disappear once probate is complete, should a creditor, for example, challenge or bring a claim against the estate after it has been distributed, the Executor may be found liable and be required to settle damages from their own resources.

If you have a Will, it is important that you review it regularly to ensure your chosen Executor(s) is/are still able and willing to act. Please follow this link to see what happens if there are no Executors to act when the testator dies What Happens When There’s No Executor? - The Society of Will Writers

For further advice or assistance on this matter, please contact me.