When a person passes away, an executor will be appointed to settle the deceased individual’s finances. They will be responsible for ensuring all debts and taxes are settled, before the remains of the property are distributed among the heirs in accordance with the deceased’s wishes.
An executor’s legal rights to manage the deceased’s estate is known as probate. Read our introduction to what probate is, and what it involves.
In this post we will outline your duties as an executor of a will. The probate process can be challenging, for example if you need to look after a property through the probate process, but our personal and property insurance experts can advise you on your insurance requirements.
For more information, get in touch with us, call us on 0208 8290 9086 or you can email the team direct at personal@anthonyjones.com.
The Duties and Responsibilities of a Will’s Executor
If you’ve been appointed an executor, you will suddenly take on a huge amount of responsibility. You may have to complete hundreds of tasks in the coming days, weeks, and months. In this post, we will focus on your main duties and responsibilities.
Before you begin, make the following commitments:
- You will always act in the deceased’s best interests, in ensuring that, as far as it is possible, everything is carried out in exact accordance with their wishes.
- You will work as quickly as possible. The longer the process takes, the more issues you are likely to encounter.
- You will keep good records of all transactions and decisions. If there are ever any disputes about the will, your record keeping could prove invaluable.
Register The Death, Locate The Will
The first thing you need to do is register the death. You can register a death online.
In England and Wales, you must register a death within five days of the individual’s passing.
Next, you need to locate the will. If the deceased ever changed their will, make sure you’re working with the most up-to-date version.
If there is no will, then you will have to follow a slightly different process. Read our guide to how you should proceed if the individual died interstate.
Arrange a Funeral
The will might leave instructions for the funeral. The deceased might request to be buried in a certain place, or they may request a private funeral. In any case, as the will’s executor, it’s up to you to ensure these instructions are followed.
If the will does not mention anything about the funeral, then you may still be responsible for making arrangements.
Value the Estate
As the will’s executor, it’s up to you to calculate the total value of the deceased’s estate. This is the sum of all of their assets, including their savings, investments, mortgages, and loans.
Here’s some good government guidance for valuing a deceased’s estate.
When valuing the estate, you’ll also establish the total number of outstanding debts the deceased owed. You’ll be responsible for ensuring that all of these debts are paid.
Pay Inheritance Tax
The amount of inheritance tax you pay will depend on the value of the estate. At the time of writing, there is a 40% rate on anything over £325,000.
For more information about inheritance tax, read our full guide to what happens after you’ve inherited a house.
Even if no inheritance tax is due, you will still have to submit a tax return. You will have to include this tax return, along with the will, when applying for probate.
Apply for Probate
Next, you’ll need to get legal permission to manage the deceased’s estate. This is known as probate.
Read our full guide to the documents you’ll need to apply for probate.
Distribute the Estate
Once you have your grant of probate, and once you’ve settled all of the deceased’s outstanding debts, including possible inheritance tax payments, then you will be responsible for distributing the remainder of the estate among the deceased’s heirs.
This is your most important responsibility as an executor. You’ll have to follow the will to the letter to ensure that all beneficiaries receive their due inheritance. You may also have to transfer property ownership deeds.
If The Deceased Left Any Property
If there is any property involved in the will, then you may take on an additional set of circumstances as an executor.
The property may be unoccupied for an extended period, as beneficiaries may not be able to do anything with the property until the probate process is complete. This means you’ll have to take steps to keep the unoccupied property safe and secure throughout the process.
Read our full guide to your responsibilities concerning property as a will’s executor.
Get The Cover You Need as a Will’s Executor
If you do need to look after a property throughout probate, our personal and property insurance experts can advise you on your insurance requirements. We can help you understand the risks you might face as an executor, and support you in finding cover that meets all of your needs.
For a friendly chat, get in touch by calling 0208 290 9086 or emailing personal@anthonyjones.com.
