If you have been named as an executor in someone’s Will, you may understandably be feeling the pressure of being left with such an important task. But don’t worry. While the legal duties involved can be complex, having the right knowledge (and legal support when needed) can make all the difference.
Our previous article, “Administering an Estate – What Are My Duties as an Executor?”, outlined some of the basics involved in this role, such as collecting assets, paying off debts, and distributing the estate according to the Will. In this follow-up blog, our private client team addresses some more frequently asked questions they often hear from clients trying to get to grips with their duties as an executor of a Will.
Is Probate Always Needed?
The value of the estate or what assets the deceased person owned will determine whether probate is needed. You will also need to find out how these assets were held. For example, if the person who died had jointly owned land, property, shares, or money, these would automatically pass to the surviving owners. Therefore, under these circumstances, you may not need probate.
Usually, banks are willing to release smaller funds and assets without seeing a formal grant from the government. Therefore, if the estate’s value is less than £10,000, probate will probably not be needed. However, there is no standard probate threshold in England and Wales, and it can be anywhere between £5,000 and £50,000. This is because every bank and financial organisation has its own limit they can release and their own approach to probate.
Tip: Always check with each financial institution what their threshold is for releasing funds without probate. It varies!
What Are My Legal Duties as an Executor or Administrator?
Alongside the required administrative tasks involved, as a personal representative (an executor or administrator), you will be expected to uphold several other legal obligations, sometimes known as ‘fiduciary duties’. These include:
- Acting in the best interest of the estate and its beneficiaries.
- Strict detailing of estate assets and liabilities and avoiding conflicts of interest.
- Responsibility to act with loyalty, care, impartiality, and accountability.
If an executor fails in their fiduciary duty, they may be held personally liable. Beneficiaries can take legal action if they believe the executor has breached these obligations.
Do I need a Solicitor?
There is no legal requirement to involve a solicitor – you can find information here on the government website – but practically, it is often advisable. Depending on the size of the estate, number of beneficiaries and assets involved, the legal duties can be time-consuming, complex, and emotionally draining, especially at a time when you may be grieving. Having the support of a legal professional early on can prevent costly errors, speed up the process, and provide peace of mind the obligations are being fulfilled. There is also the risk you can be held financially liable if you make any mistakes. It would be particularly advisable to seek legal advice if:
- You are unsure if probate is needed
- The estate is large or complex
- There are business assets or trusts involved
- There are foreign assets
- There is potential for disputes, or you have concerns about the validity of the Will
- You are unsure how to deal with inheritance tax
What Should I Do If Someone Challenges the Will?
Will disputes, also known as contentious probate claims, are becoming more common and can arise for various reasons. Typically, these occur when there are concerns over the validity of the deceased’s Will, or if a relative or partner who was excluded from the Will makes a claim under the In Inheritance (Provision for Family and Dependants) Act 1975. For more information, read our previous article: Understanding the basics of Will disputes.
As an executor, you will be expected to handle such claims fairly and without bias and may have to put distributions on hold. If someone has already raised concerns or if you suspect a dispute could arise, you should seek legal advice as soon as possible.
Need our Help?
Should you need any assistance or advice regarding administering an estate, the Private Client team at Bridge McFarland can help you. We understand that acting as an executor can be a daunting responsibility, but it doesn’t have to be overwhelming. By understanding your legal duties, knowing what to expect, and seeking guidance when needed, you can make the process much less stressful. And we are here to help.
Please contact a member of the team on 0800 987 8800 or email wills@bmcf.co.uk. Alternatively, you can fill in this contact form.
Our solicitors, based across Lincolnshire and East Yorkshire, have experience in supporting clients with writing or amending a Will, writing and implementing Lasting Powers of Attorney, guiding executors through their duties and responsibilities, and Will Disputes. To find out more about our extensive private client service offering, please click here.
Read some of our previous articles for related information:
Administering an Estate – when you do and do not need to apply for a Grant of Probate
I am an executor and a beneficiary; can I still bring a claim against the estate?
