The Duties of an Executor

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Upon a person’s death, the responsibility of dealing with their estate often falls to an appointed individual known as the executor.

This is a significant role, and the executor is required to follow the law and the wishes of the deceased, as stipulated in the will. If you’ve been appointed as an executor, or if you’re just curious about the responsibilities involved, here’s an overview of the core duties of an executor in the UK.

Identify & Secure Assets

The executor’s first duty is to locate, identify, and secure all of the deceased’s assets. These can include:

  • Real property, such as houses or land.
  • Personal property, such as cars, jewelry, and furniture.
  • Financial assets like bank accounts, stocks, shares, and insurance policies.
  • Digital assets, including online accounts, digital files, and cryptocurrencies.

Valuation of the Estate

It’s crucial to accurately value the estate. This may require professional appraisals for things like property, collectibles, or valuable possessions. Having a precise valuation will aid in both the probate process and the calculation of potential inheritance tax.

Pay Off Debts

Before beneficiaries can receive their inheritance, all outstanding debts of the deceased must be settled. These can include mortgages, credit card debts, loans, and utility bills. Funeral expenses are also typically paid out from the estate.

Obtain Probate

Probate is the legal process by which a will is “proven” in court and is accepted as a valid public document that is the true last testament of the deceased. The executor must apply for a Grant of Probate, which provides the legal right to administer the estate. In cases where there is no will, a similar process is followed, known as obtaining a Grant of Letters of Administration.

Complete Tax Returns & Pay Taxes

The executor must determine if inheritance tax is due and ensure its payment. This may involve completing the necessary Inheritance Tax forms. Also, any outstanding income tax or capital gains tax up to the date of the deceased’s death must be settled.

Distribute the Estate

Once debts and taxes have been paid, the executor is responsible for distributing the remaining assets to beneficiaries as outlined in the will. This can involve transferring property deeds, distributing funds, and handing over personal possessions. It’s essential that this is done in line with the deceased’s wishes.

Keep Accurate Records

Throughout the entire process, an executor should keep meticulous records. This includes all correspondence, invoices, bills, receipts, and decisions made. Beneficiaries have the right to view these records, and a clear audit trail is essential in case of disputes.

Addressing Claims & Disputes

Unfortunately, not all probate processes go smoothly. Sometimes, beneficiaries or other parties may dispute the will or the manner in which the estate is being administered. In such cases, the executor must address these disputes, which can sometimes lead to legal proceedings.

An executor to a will holds a position of significant responsibility and trust. It’s often recommended to seek legal advice, especially for more complex estates or if potential disputes could arise. Remember, the main goal of an executor is to ensure that the deceased’s wishes are carried out accurately and lawfully.

It’s a challenging role, but with diligence and guidance, you can ensure that the process is handled with care and respect.

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