The Role of a Will Executor

Being a will executor entails a lot of important responsibilities, so it can be a daunting prospect once the time has come to take it up. In this blog, we will explain all you need to know so you can be ready to tackle the challenges that lay ahead. In this blog, we will explain how it works and what the responsibilities bestowed upon the executor of a will are.

Can there be more than one executor?

It is possible for the testator to name multiple executors as well as substitutes who will take up the responsibility of managing the estate should the first choices find themselves incapacitated. However, it is worth bearing that only four people can act as will executors at one time. These people are named in the will and can also be beneficiaries.

Who can be a will executor?

In England and Wales, the will executor must be over 18 years of age at the time of the death, they must be trustworthy and have the necessary mental capacity to carry out the role. This means, the executor can be a family member, a friend, or a solicitor.

What are the Will Executor’s Responsibilities?

The will executor is responsible for looking after the deceased’s estate. This involves ensuring debts and taxes are paid and assets are distributing to the will’s beneficiaries in accordance with the testator’s wishes. So, you can get a better understanding of those responsibilities, Eatons Solicitors’ legal team has put together a step-by-step guide to help you.

1. Registering the Death

The executor is usually the one responsible for registering the death. It must be done in the 5 days by taking the death certificate signed by the doctor or the coroner to the nearest registry office. Once this step completed, a certificate for burial or cremation will be issued. At this point, locating the will or a pre-paid funeral plan is of utmost importance.

2.Locating the Will

It is important to find the original copy of the will even if it involves looking through the deceased’s home, contacting their solicitor or their bank. It is a necessary step because a copy will not be admitted when the time has come to apply for probate.

Once the will found, the first thing to do is to arrange the funeral. Moreover, the will stipulates the identity of the will executor who is then in charge of administering the deceased’s estate.

3.Applying to Probate

If the estate is worth over £5,000 the will executor can distribute must apply to probate before distributing the deceased’s assets amongst their beneficiaries, they must apply to probate. However, probate isn’t granted until inheritance tax is paid, or an arrangement is made with the HMRC to pay off the inheritance tax in instalments.

Once probate is granted, the will executor must ensure any taxes and debts owed are paid off. To do this, it may be necessary to arrange for property to be sold and investments to be cashed in. In some cases, though, the beneficiaries are happy to receive the goods themselves.

4.Keeping Records

Whilst being a will executor means you have the responsibility of carrying out your loved-one’s last wishes, it also carries personal liability. That is why keeping records is of paramount importance. These must include receipts, payments and correspondence; all of which the executor will need to present if a dispute occurs.

5.Resolving Disputes

If there are disputes among beneficiaries or claims against the estate, it is the responsibility of the will executor to resolve them. However, in some cases they will require the help of a solicitor specialising in probate law such as Eatons Solicitors who can find the best solution to resolve the dispute.

6.Final Accounts and Closing the Estate

Once the disputes resolved and the assets have been distributors amongst the beneficiaries, the will executor must prepare a final set of accounts. These must show all the financial transactions related to the estate and may be shared with the beneficiaries.

After the final accounts are completed, the executor must close the estate. This is done by closing any estate-related bank accounts and disposing of any unnecessary documents. This is the final responsibility bestowed upon the executor.

What Rights does the Will Executor Have?

Being a will executor is a legal duty, therefore, the executor is legally responsible for carrying out their responsibility in accordance with the law and are liable in case of misconduct or any financial loss resulting from their actions. Examples of which would be not keeping records or failing to record the will in probate court.

However, the will’s executor has the right to seek legal advice to assist them with management of the deceased’s estate. In fact, there are some instances in which the will makes provisions for the estate to cover the cost of the legal advice. Having a solicitor’s advice helps prevent liability cases against the estate and allows any disputes to be resolved in a timely manner, therefore, ensuring the fair distribution of assets amongst the estate’s beneficiaries.

Getting Further Legal Advice

In most cases, will executors require legal advice when approaching their responsibilities, so why not contact Eatons Solicitors who will advise you.