How To Be An Executor For A Will And What You Should Expect?

When a close friend or family member dies, it can be devastating and going through paperwork, wills, and estate documents as their executor might be the last thing you want to do. But it could also be a welcome diversion in keeping yourself busy and feeling useful.

If you’re asked by a friend or loved one to be the executor of their estate, it’s an important role that holds a lot of responsibility in finalising their affairs after their death. This article will explain how to be an executor, what your responsibilities are, and what to expect.

What is an executor?

When anyone writes a will, they must name one or more executors to deal with their estate and get their affairs in order after their death. These executors have a legal responsibility to act in the best interests of the estate at all times and in carrying out the wishes of the person’s will and dealing with their estate (which usually includes money, property, and possessions) after their death.

Who can be an executor?

Anyone can be an executor of an estate, even if they’re included in the will itself. The role usually falls to close family members, but named executors can also be close friends and, often, solicitors are chosen as well. In fact, the person writing the will can name anyone they trust to be an executor, but the only legal requirement is that you’re over 18, of sound mind, not declared bankrupt, and not in prison.

Whoever’s making the will can name up to four executors. It’s common to name at least two who can act together – this could be you, as a close friend or family member, and a professional like a solicitor. However many are named, it can make things easier in a potentially difficult time. Decisions can be made jointly between you all and responsibility can be spread to relieve any pressure you might be feeling.

When someone’s writing their will, time should be spent considering their choice(s) of executor and who to appoint. Estate administration can be problematic for executors who don’t get on.

Do I have to be an executor?

In short, no. If you’re asked to be an executor, you can always say no if you’re not comfortable for any reason or you just don’t want to do it. However, even if you agree to be an executor, you can change your mind at a later date if you want to.

If you’re asked and you agree to be an executor, but then change your mind, this is your choice. But you should speak to the person who named you so they can change their will accordingly. Even after the person has died, if you haven’t formerly started to deal with the estate, you can speak to a solicitor to give up your duties officially.

However, if you’ve already started your executor duties, you’ll have to continue unless there’s a good reason for you to stop, such as ill-health or a medical or family emergency.

What do executors need to do?

Being an executor does have a lot of legal responsibilities and can be a time-consuming task. It can also be a demanding role to fulfil when you’re grieving, so if you’re asked to be an executor, give it a lot of thought before you agree. Here are a few of the duties executors will have to carry out. While not exhaustive, it gives you a good idea of what’s involved.

– Register the death and (if requested) make the funeral arrangements

– Organise and value the deceased’s estate (money, property, and possessions)

– Pay any outstanding debts or inheritance taxes from the estate

– Distribute assets left in the estate to any benefactors

Many of these steps can be confusing and difficult to complete if you’ve never been an executor before, especially if you’re still coming to terms with the death. This is why it’s common to see specialist estate administration solicitors like MJR Solicitors named as an executor that has the experience to help you.

The duties of an executor

Remember, if you’re part of a group of executors, you can spread the duties so no one gets too overwhelmed. But even if you’re acting as a sole executor, specialist estate solicitors like MJR Solicitors are always available to give you help as much help as you need, especially on the probate side of things, including registering the death, getting death certificates, and completing inheritance tax paperwork.

We’ve already mentioned above some of what an executor needs to do if they’re named in the will. But let’s look in a bit more detail at what your duties as an executor can include.

Registering the death

If you need to, you must register the person’s death and notify their doctor. This isn’t always a requirement of an executor, but it might fall to you if there’s no one else who can do it.

During this process, you’ll get an official death certificate, but it’s a good idea to request several copies of it at the same time as they’ll often be needed by the person’s bank or insurance provider as official confirmation. However, if you’re using a solicitor to handle the estate process for you, they’ll be able to do this.

Copies of the will

Even as an executor, you might not necessarily know the contents of the person’s will, who their benefactors are, or how they want their estate to be distributed. All this information will be laid out in the most recent will. If the original will is with a solicitor, as an executor, you’ll need a copy of the death certificate and proof of your identity to access it.

When you have it, take several copies of it to give to other executors and named benefactors while making sure the original will goes back to the solicitor for safekeeping.

Funeral arrangements

Making funeral arrangements might not be part of your role as an executor, but it’s down to you to make sure the final wishes of the deceased are followed by whoever is making the arrangements. However, if you’re needed, part of your role will include making the death and the funeral public knowledge.

This can include telling any family, friends, employers, and work colleagues about the death, as well as placing notices in the local or national press along with details about the funeral (date, time, location, any special requests etc.) for anyone wishing to attend.

If the deceased has a paid funeral plan, you should contact the provider as soon as you can to make the arrangements with the chosen funeral director. Payment for these services can be made from the deceased’s bank or building society accounts, but you’ll need to provide a copy of the death certificate, will, as well as photo ID for yourself to do so.

Property checks and post

After the person’s death, it will be your responsibility as executor to look after their property and any post they receive in the short term. If they lived alone and their home is now empty, make sure it’s locked and secure at all times and make contact with their insurers as soon as you can. You might have to arrange a new policy to cover the empty property if their existing policy doesn’t cover it already.

As a security measure before the property is dealt with as part of the estate, make regular visits to the property to keep it aired and ‘ticking over’ which could include making sure the electricity is still connected and potentially making sure the heating comes on, even for a short period, to avoid potential damage in cold weather.

Removing any delivered post that can pile up will also help the property to look ‘lived in’. While post may still arrive from official institutions like banks, doctors, or insurance companies after they’ve been officially notified of the death, other post can still arrive.

This can serve as a reminder to cancel any subscriptions or close other open accounts. Of course, the deceased’s name could also be on various mailing lists, unsolicited or otherwise, so contact The Bereavement Register to stop any further direct mail coming through.

Valuing the estate

Part of your role as an executor will be to value the estate in its entirety. This will take into account everything the deceased owned at the time of their death including all property (owned outright or jointly), their possessions, and their money (including any savings). It’s important to remember that any debts owed, including mortgage or rent, bills, or loans, will be deducted from the total.

Any possessions likely to be worth over £500 should be professionally valued for accuracy while any property or land assets should also have professional valuations from a property and estate agent.

One thing that can arise during the process is Inheritance Tax (IHT). If the estate owes IHT, the relevant forms will need to be completed within 1 year with any tax owed starting to be paid six months after the date of death. This is where things can get complicated, so it’s always best to seek professional advice from experienced estate solicitors like MJR Solicitors who can help you.

Dealing with finances

Dealing with any financial institution can be a time-consuming process, but it’s important to get done as quickly as possible. Any bank, building society, or insurance company will need to see a copy of the death certificate before you’re able to cancel any direct debit or standing order outgoings. You should also get an exact balance of any account in the deceased’s name at the time of death.

Any incoming payments, such as pensions, benefits, or salaries will need to be stopped and the issuers informed of the death. And, while not as urgent, the same goes for any providers of credit cards, TV licence, driver’s licence, and passport. When you contact these organisations, they’ll tell you what needs to be done.

You’ll also need to find out if any money is owed to any person or organisation. Looking through statements and paperwork may alert you to any debts to credit cards, energy or water companies, or any other company. If so, you’ll need to contact them to notify them of the death and make the necessary arrangements to clear the debt from estate funds.

If you think money might be owed, but there’s no paperwork to refer to, you should place a statutory advertisement – or notice – for creditors. This allows a couple of months for any unknown, legitimate creditors to claim on the estate. If you don’t do this, any organisations could hold you and other executors personally liable for the debt. If the notice is placed, the same organisations will have to claim against any individual beneficiaries instead.

There can be occasions when more money might be owed than the estate is collectively worth which means the estate could be insolvent. If this happens, a solicitor will be able to give you more information about what to do next.

Inheritance tax (IHT)

What needs to be paid in IHT depends on how much the estate assets are worth after all debts are cleared. If, after everything is paid, the estate is worth less than the nil-rate threshold of £325,000, IHT does not have to be paid. But on estates worth more than that, there is a standard IHT rate of 40% to pay above the NRB.

There can be exceptions to this where no IHT needs to be paid which include when the estate is left to a spouse or partner or is left to a tax-exempt beneficiary or a charity. But any property assets that are left to a direct family member, like a child, grandchild, brother, or sister, can mean a Residence Nil-Rate Band (RNRB) might apply. The RNBR is set at £175,000 and together with the NRB, property assets could reach a value of £500,000 without having to pay IHT on it.

One cautionary note to add is that executors are personally liable for ensuring IHT is paid before any assets and the wider estate are distributed. If IHT isn’t paid first, and the beneficiary disappears without paying the IHT owed, executors can be left with a large bill to pay.

To avoid pitfalls and complications with IHT, we recommend using the professional services of a solicitor specialising in inheritance tax planning, MJR Solicitors offer this service and can give you plenty of expert advice on all aspects of IHT.

When to distribute the estate

Though this is usually one of the final tasks of an executor, distribution of the estate can be another complicated area. There’s no time limit on estate administration or the time it might take for beneficiaries to receive the inheritance left to them, financial or otherwise.

Delays, incorrect paperwork, disputes, and plenty of other factors can play their part during the whole process, but find out more about how long straightforward probate should take.

Before distributing the estate, you should also have complete estate accounts drawn up to show each beneficiary all the collected assets and combined income, together with any bills or debts that have been paid, and what remains.

Also, bear in mind that any beneficiaries who are bankrupt might not be entitled to any inheritance left to them. As this can be a personal issue, you might not be aware that anyone, even those in your family, might be bankrupt. To save any undue delays, you can search the government bankruptcy and insolvency register before asking for advice from a solicitor.

Estate distribution

However, once probate is complete with no major issues, and all financial matters are dealt with, as executor, you can distribute the estate as the will instructs. It’s not all that common for everyone to be gathered in a solicitor’s office, having the will read out to them anymore.

These days, only executors will be allowed to read the will and distribute the estate as requested. But you can give a copy of the will to anyone who asks for one, though you’re not legally obliged to if you think it’s not appropriate or necessary. However, if a Grant of Probate is obtained, then the will becomes available to the public from that date on the government website.

Acknowledging receipt

Once the estate is distributed, it’s helpful to have each benefactor sign a receipt as proof of distribution. This can be a paper or digital document, but it should detail what the gift or inheritance is, when it was made, who it was made to, and your name as the executor. If the benefactor is a child or a young adult under 18, it should be signed by a parent or legal guardian on their behalf.

MJR Solicitors for advice on your executor role

When you’re asked to be an executor for anyone, you have a big responsibility. But it can be a daunting prospect, especially if it’s down to you alone. That’s why MJR Solicitors can give you the support, help, and advice you need to help the process go as smoothly as possible.

Our expert estate planning team at MJR Solicitors can either act as a standalone executor alongside you if we’re named, or can advise and help you on specific, more complex, areas if and when you need it. But importantly, we can answer your questions and make sure you’re getting the right information from a legal standpoint.

If you need us, we can be available 24/7 for you, so contact us and leave a message, call us on 01243 945054, or email us at info@mjrsolicitors.co.uk today.