An executor is the person who is held legally accountable for carrying out the wishes outlined in a person’s will and managing the affairs of the deceased person’s estate (their money, property and possessions). Even if you are going to inherit something from the will, you can still serve as an executor of the will. In this article, role of will executor, we take a look at these issues in more depth.
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Who can be an executor and what do their responsibilities include?
Even if you are going to inherit something from the will, you can still serve as an executor of the will. In point of fact, an executor is frequently a spouse, child, or another member of the same family. It is possible for the individual making the will to select up to four executors, which means that the responsibility can be split up, but ultimately, all choices must be taken jointly. Executors can sometimes be a combination of family members and professionals (such as solicitors or accountants). It is common practise to name at least two executors, just in case one of them passes away or is otherwise unable to carry out their responsibilities. In terms of the responsibilities of an executor, they can include:
- As soon as possible following the decedent’s passing, they take the necessary precautions to ensure that all of the deceased person’s belongings are safely stored away.
- They gather the deceased individual’s assets and any money that is owed to the estate of the deceased person (including property).
- They settle all outstanding tax obligations and financial obligations (out of the estate).
- If the will contains specific instruction to do so, they will also arrange the funeral.
- In accordance with the directives outlined in the will, they give the assets of the estate to the heirs and beneficiaries who are entitled to receive them.
Are there specific legal responsibilities of being an executor?
Executors are subject to a wide variety of legal obligations, some of which could include the following:
- the act of registering the death
- the arrangements for the funeral
- determining the value of the estate,
- determining the value of the estate,
- paying any inheritance taxes that may be owed,
- applying for probate
- organising the deceased person’s financial affairs
- putting up a notice about the estate of the deceased,
- distributing the estate
- keeping estate accounts
Should you agree to be the executor of somebody’s will?
Executor duties are sometimes far from straightforward. Because it has the potential to consume a significant amount of your time and may be the last thing you feel like doing while you’re going through a difficult period, you should give it great consideration before agreeing to take on the job.
If you change your mind after accepting the post of executor, you have numerous alternatives available to you. These include the following:
- If at all feasible, discuss your decision with the person who selected you as the executor so that they can update their will with the new name of the person who will carry out their wishes.
- If the person has passed away and you have not yet begun to deal with their estate, you should discuss your choices with the Principal Probate Registry or with an experienced legal practitioner.
- If you have already begun dealing with the estate, you cannot step down unless you have a legitimate reason, such as bad health or a family emergency. You may be required to fill out a Form of Renunciation.
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We have a proven track-record of advising upon all aspects of private client work. We will guide you through the process and ensure all checks are carried out swiftly and efficiently and we firmly believe that with the right solicitors by your side, the entire process will seem more manageable and far less daunting.
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It is important for you to be well informed about the issues and possible implications of becoming an executor of a will. However, expert legal support is crucial in terms of ensuring a positive outcome to your case.
To speak to our Wills and Probate solicitors today, simply call us on 0345 901 0445, or click here to make a free enquiry. We are well known across the country and can assist wherever you are based. We also have offices based in Cheshire and London.
Disclaimer: This article provides general information only and does not constitute legal advice on any individual circumstances.
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