The Executor’s Guide: What It Really Means to Carry Out a Will

Have you been appointed as the executor of a loved one? Are you unsure what this means or where to start?

This short guide outlines the general steps involved in carrying out the final wishes of the deceased and how Pinney Talfourd can assist you in the process.

What Is an Executor?

An executor is appointed under an individual’s will to carry out the administration of their estate. The role can vary depending on the deceased’s assets but often includes registering the death, arranging the funeral, valuing the estate, settling any inheritance tax liability, obtaining a Grant of Probate, dealing with the sale and closure of assets, and distributing the estate in accordance with the deceased’s wishes.

Anyone can be appointed as an executor, even if they are due to receive inheritance from the estate. Often, the individual will appoint a close family member or someone they trust. You can appoint up to four executors so that responsibility is shared and decisions are made jointly. It is also common for individuals to appoint a firm of solicitors to act as their executors, relieving loved ones of the practicalities at what can be a difficult time. We offer this service.

Step-by-Step Guide to Being an Executor

Step One: Registering the Death

Before you can begin the administration process, you will need the death certificate. There is no legal requirement for this to be obtained by the executor, but you may need to do so if there is no one else able to. It is recommended that several copies of the death certificate are obtained at this stage.

Step Two: Finding the Will

To confirm that you are appointed as executor and therefore legally responsible for administering the estate, you should find out where the deceased’s original will is held. We recommend searching the deceased’s personal papers for either the original or a copy.

If the will was drafted by a solicitor, the original will probably be stored with that firm, so it is worth contacting any solicitors named if the original cannot be found.

Step Three: Arranging the Funeral

The deceased’s will may outline their funeral wishes and mention a funeral plan. As executor, you should try to follow these wishes where possible.

Step Four: Valuing the Estate

As executor, you are required to establish the value of the deceased’s assets. This includes bank accounts, investments, insurance policies, property, personal belongings and pensions. You will need to obtain formal valuations for valuable assets, such as estate agent valuations for property, share valuations, and professional valuations for personal items of worth.

The total value of the estate will determine whether inheritance tax is payable and whether a Grant of Probate is required. The executor should also inform relevant third parties of the deceased’s passing, such as utility providers, and arrange for any direct debits to be cancelled. You should also compile a list of any outstanding bills or debts.

Step Five: Settling Any Inheritance Tax Liability

If the value of the estate exceeds inheritance tax thresholds (taking into account available reliefs such as the Nil Rate Band and Residence Nil Rate Band), the executor must arrange payment of inheritance tax.

Inheritance tax is due by the end of the sixth month after the date of death. It can often be paid directly by the deceased’s bank, and HMRC provides different payment options depending on the estate’s assets and circumstances.

Step Six: Obtaining a Grant of Probate

Once the value of the estate has been determined and HMRC approval obtained (in cases where inheritance tax is payable or reliefs are claimed), the executor can apply to the Probate Registry for the Grant of Probate.

This process involves signing a legal statement confirming the estate details and sending the original will to the Probate Registry. The Grant of Probate confirms the executor’s legal authority to deal with the estate.

Step Seven: Dealing with the Sale and Closure of Assets

When the Grant of Probate has been issued, the executor will generally need to send a court-sealed copy to each financial institution, along with any required paperwork, to close accounts and release funds to the estate.

If the deceased owned property or valuable possessions, the executor must arrange for their sale or transfer to beneficiaries. Any debts of the deceased must also be repaid.

Step Eight: Distributing the Estate

Once all assets have been realised, the executor can distribute the estate in accordance with the will. It is advisable to advertise the estate to potential creditors and allow time for any claims before making distributions.

Executors should keep clear estate accounts to show beneficiaries how money has been received and spent during administration. They may also need to finalise the deceased’s tax affairs with HMRC.

How Can Pinney Talfourd Assist?

The role of an executor can be time-consuming and often arises during a period of grief and sadness. To ease the burden, an executor may instruct a solicitor to assist with the administration process.

At Pinney Talfourd, we assist executors at every stage, from obtaining the Grant of Probate and managing inheritance tax matters to handling the entire process through to final distribution to beneficiaries.

For a confidential discussion, please contact a member of our team on 01708 511 000.