Losing a loved one is an upsetting time, so finding out you’ve been named an executor of their will may seem rather daunting. But, please don’t worry. Our will and probate solicitors are here to help.
Here our team explains what to do as an executor of a will and what your general duties will entail:
What Are an Executor’s Duties?
Registering the Death
In order to be able to manage a person’s estate, you will first need to register the death and obtain certificates as evidence.
Locating and Managing Assets
One of the first things you will then need to do as an executor of a will is to locate any assets the deceased person may have had. This involves locating paperwork for any property owned, bank accounts, savings, or investments.
It will be your job for keeping these assets safe until they can be properly distributed to creditors or beneficiaries named in the will. That means securing their home and/or vehicles, and ensuring any high-value assets are protected.
This will also include cancelling accounts or credit cards and deciding which assets should be sold or kept, in order to wrap up their affairs.
Paying Inheritance Tax
Inheritance tax is liable for all estates worth over £325,000 where inheritance is not left to a spouse, civil partner, charity or community amateur sports club.
If payments are required, it will be your responsibility for raising the appropriate cash to settle this tax bill. That could mean selling assets.
Paying off Debts
Once you have an accurate view of the deceased’s finances, you should ensure all debts are paid off. All creditors should be informed of the death and any outstanding debts cleared.
Please be aware that creditors may request proof of the death, which would mean sourcing multiple copies of the death certificate in order for these to be sent off. Photocopies may not be accepted. They will also ask for a grant of probate.
To receive this, you will need to complete a probate application form and a tax document to establish the IHT liability of the estate. If the estate is exempt you will need to complete a IHT205 form, otherwise fill out the IHT400.
It is standard operating procedure that no beneficiaries should be given their inheritance before the deceased’s debts are paid off in full.
Finding and Contacting Beneficiaries
You will also be responsible for contacting those who have been named in the will and informing them that they are due to inherit from the deceased. Although you may not be able to give them an exact figure immediately, you should inform them that money or property should be coming their way in the near future.
It will also be your job to ensure the right assets are given to the right people.
Read more: What Happens If a Beneficiary of a Will Dies?
Administering the Estate
The final stage is to distribute any remaining assets to the beneficiaries named in the will. As you will have already contacted the deceased’s bank, the funds should have been transferred into a special executor’s account in order to ease proceedings.
Find Out More About the Process
If you’ve been named executor of a will and would like more information on what an executor of a will needs to do, please view our step-by-step guide to probate, or get in touch with our friendly and experienced will and probate solicitors who will be able to help you through the process.
