If you are an executor named in a Will of someone who has died, you are given the legal responsibility for dealing with the estate. You may be appointed as a sole executor or jointly with others.

As an appointed executor, you have the option of renouncing, reserving power to yourself or acting as the executor. Please click here for further information about the options available to you.

If you choose to act and deal with the estate of the deceased, you may have to apply for the legal authority, called Grant of Probate, before they can deal with the estate. However, a Grant of Probate is not always required and depends on the type and value of assets held by the deceased.

Once appointed as an executor, there are a number of duties that you need to fulfil. These include:

  • Valuing the estate;
  • Calculating any Inheritance Tax due and working out how much and when to pay it;
  • Applying for the Grant of Probate;
  • Paying any liabilities owed by the estate, including utility bills and loans;
  • Paying any other taxes including income tax and capital gains tax; and
  • Distributing the estate according to the Will.

Even the most straightforward of estates can take several months to administer. If the estate or the provisions in the Will are complicated, it can be quite difficult to understand exactly what you need to do as an executor and matters can become very complicated and take a long time to resolve.

Once a Grant of Probate has been issued to you, you as the executor are under a legal duty to fulfil your role responsibly and in the proper manner. You need to act with transparency throughout the administration of the estate, produce accurate estate accounts and be prepared to explain your actions and decisions. In England and Wales, you as the executor can be personally and financially liable for any mistakes made.

Therefore, as an executor, it is extremely important that you get things right. Our solicitors in the Private Wealth Department have many years of experience administering often complicated estates and are here to help you through every step of the process. Whether you have a small, uncomplicated estate to deal with or a very complex estate, perhaps with foreign assets, we are here to help. Please call us or make an online enquiry and one of our Private Wealth solicitors will be happy to assist.