The Duties of Executors

One of the key functions of a Will is to appoint someone who will look after your estate in the event of your death. But what does an executor have to do?

You may need to answer this question before the person that you are asking to be your executor will agree to the appointment.

Introduction

Put simply, an executors role can include almost anything to do with the events that immediately follow a death and the tasks that need to be undertaken. Not all executors will need to deal with all of the aspects – for example because a close relative of the deceased deals with registering a death or arranging the funeral – but there will be occasions when either there is no one else to do it, or no one else who can do it, in which case the duties will fall to the executor to perform.

There will usually be no reason why the executor cannot call upon the services of a professional to assist with the process of dealing with deceased’s estate. Solicitors often are called upon to carry out some of the more complex and technical aspects – such as getting in and distributing money – leaving the executor appointed by the Will do carry out the practical steps. Sometimes, a professional person is appointed by the Will to act as executor, either alone or jointly with some other person, for example the spouse or child of the deceased.

The duties

The actual duties which the executor needs to perform, therefore, will depend upon what others are doing and upon the size and complexity of the deceased’s estate. Thus an executor looking after the estate of someone who lived alone in a rented property with no savings, but a life policy the proceeds of which are being left to their only child will have far less to do than the executor of an estate worth millions with shares, overseas property, business assets and so forth.

An executor may, therefore, find themselves dealing with some or all of the following:

• Registering the Death – including obtaining copies of the death certificate for use during the probate;
• Informing friends and relatives of the death - including any notices which are to be placed in the press;
• Obtaining the deceased’s Will - the executor will need this to ensure that any instructions by the deceased as to disposal of remains or funeral arrangements are adhered to;
• Funeral plans - finding out if the deceased had a funeral plan or insurance covering the cost of the funeral;
• Arranging a funeral - often this will be dealt with by immediate family but if there aren’t close relatives, or they are unable to deal with it, then the executor may need to deal with it. It is important for the executor to ensure that any wishes of the deceased expressed in the Will are complied with;
• Applying for a Grant of Probate – if necessary (some smaller estates do not require there to be a grant of probate) . The executor will also need to ascertain whether Inheritance Tax is going to need to be paid on the estate;
• Establishing assets and liabilities – to find out the extent of the deceased’s estate the executor will need to contact banks, building societies, insurance companies, employers, the tax office, benefits agencies, investment managers, stock brokers, utilities and service providers etc.;
• Opening a bank account – in order to keep money separate from the executors own money and to have somewhere in which to pay money received from the sale of assets;
• Valuing the estate - bringing together the value of all assets, including houses, cars, boats, jewellery, antiques etc.;
• Scheduling assets - prepare a full list of all of the assets of the deceased and their value;
• Scheduling debts - prepare a list of all of the debts of the deceased that need to be settled from the estate;
• Completing paperwork - including finalising Inheritance Tax and probate;
• Getting in assets and paying debts - using the grant of probate, assets can now be brought in to the estate and liabilities paid;
• Distributing gifts and legacies – according to the Will.

An executor should ensure that they keep a file of all the steps taken, all of the assets obtained and all of the payments made and to retain this record for at least 12 years following the death.