When making a Will, you must appoint an executor.
This is a person who will be legally responsible for administering the estate, which will include settling any liabilities of the estate, collecting in assets and distributing this in accordance with the provisions of the Will.
The role of an executor involves several key responsibilities:
- Managing the Estate: This includes gathering in and managing the assets of the estate, such as bank accounts, property, and personal belongings.
- Probate Application: Executors are responsible for applying for a Grant of Probate. This is the legal document that gives them the authority to deal with the deceased’s estate.
- Settling Debts and Liabilities: Executors must identify and settle any outstanding debts and liabilities of the deceased, including funeral expenses.
- Legal and Financial Responsibilities: Executors must ensure that all legal and financial obligations are met, including paying any taxes due on the estate.
- Distributing the Estate: Executors must distribute the remaining assets to the beneficiaries as specified in the Will.
Executors can be individuals, or professionals (such as solicitors); or you may decide it is appropriate to appoint an individual to act alongside a professional Executor.
Why should I choose a professional Executor?
There are several reasons why you may think appointing a professional Executor is suited to your circumstances, for example;
- Expertise and Experience: Professional executors, such as solicitors, have extensive knowledge and experience in estate administration. They are able to offer invaluable advice on complex and high net worth estates; helping ensure that the estate is managed efficiently and in accordance with the law.
- Impartiality: Professional executors can act as a neutral third party, assisting in the administration without any personal bias or conflicts of interest. This can be extremely beneficial in situations where there may be family disputes.
- Time and Effort: Administering an estate can be a very time-consuming process. Handing this role to a professional executor can allow the beneficiaries to focus on grieving.
- Legal and Financial Responsibilities: Professional executors are experienced in the legal and the financial responsibilities of estate administration, including applying for probate, settling debts, managing assets, and handling any tax obligations; ensuring all necessary filings are completed accurately and submitted on time.
- Continuity: In the event that an individual executor is unable to carry out their duties, for example this could be due to illness or death, the administration of an estate can be interrupted. Professional executors provide continuity, ensuring that the administration proceeds smoothly, without delay.
Good characteristics of an Executor
There are various qualities that an Executor must demonstrate, but above all, it must be someone that you trust as they will need to adhere to the provisions set out in the Will.
You should appoint someone who is well organised as there is vast paperwork to handle, whilst having the confidence to navigate the legal system, especially when applying for Probate.
It is also important to appoint someone with good communication skills as your Executor will need to contact all assets and liabilities of the estate, whilst keeping the beneficiaries up to date with the administration process.
The process of being an Executor can be a time-consuming one. The person you wish to appoint must be patient and realistic.
To read our first article on Wills and Executors, click here.