Duties & Responsibilities of an Executor
Solicitors in Essex & London
An Executor is a person appointed in a Will to deal with the administration of the estate of someone who has died. An Executor appointment comes with considerable responsibility and potential personal liability if the estate is not administered properly.
It is possible to appoint a spouse or partner as an Executor, notwithstanding that he or she may be a beneficiary in the Will. Often couples will appoint their spouse or partner as sole Executor with substitute Executors, such as adult children appointed to act on the death of the surviving spouse or partner.
The extent of an Executor’s duties depends on the nature and complexity of the estate that needs to be administered. Some estates can be very simple to administer, whereas others can be complex and time-consuming. Our probate solicitors are able to provide a high level of expertise to Executors across Essex, London and further afield.
An Executor’s primary responsibility is to collect in the estate assets, pay any liabilities, expenses or taxes, and then distribute the balance to the beneficiaries named in the Will. In summary, this may appear straightforward, however, there are often intricacies within the process.
An Executor will be required to carry out some or all of the following tasks:
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Arrange the funeral
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Accurately establish the value of the estate and any estate liabilities
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Arrange the payment of any Inheritance Tax and claim any available tax reliefs
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Apply to the Probate Registry for a Grant of Probate
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Collect in the estate assets
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Settle the deceased’s income tax and capital gain tax liabilities up to the date of death
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Settle all estate liabilities and administration expenses
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Settle any post death estate income tax and capital gains tax liabilities
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Prepare estate accounts
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Distribute the estate in accordance with the terms of the Will
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Set up any Will Trusts contained in the Will
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Pay the deceased’s debts (including unknown debts)
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Pay a claimant who successfully claims a share of the estate following a challenge to the terms of the Will under the Inheritance (Provision for Family and Dependents) Act 1975
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Pay HMRC penalties and interest
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Pay any beneficiary who has not received the correct amount from the estate
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Compensate the beneficiaries named in the Will for any financial loss to the estate as a result of their own negligence
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