As the executor of a Will, it can feel overwhelming to carry out all of the tasks and responsibilities the position involves. Knowing where to start can often be the most daunting part. If you have been appointed as an executor in a Will, your first question might be, what do I have to do?
In this article, Bridge McFarland’s experienced private client solicitors consider the tasks an executor of a Will must undertake.
Estate Executor Duties
There are several responsibilities of an executor of a Will. Some of the key responsibilities include:
- Ascertaining the assets and liabilities in the deceased’s estate. This may involve contacting organisations where the deceased held assets and contacting creditors the deceased owed money to. For example, banks, pension companies, share registrars, NS&I, credit card companies, utility companies, etc.
- As executor, you are responsible for preserving and protecting the assets. For example, if the deceased left a property, you should contact the insurers to notify them of the death and to ensure there is adequate cover if that property is unoccupied. In some circumstances, the policy may need to be updated so that it is in the executor’s name.
- Depending on the value of the estate and who the assets pass to, you may have to report the estate to HMRC for inheritance tax purposes. Even if there is no inheritance tax to pay because the deceased’s estate fell below the threshold for paying inheritance tax, you may still need to submit an inheritance tax return form to HMRC, in some circumstances.
- You may need to apply for Grant of Probate to allow you to deal with the assets. For example, if the estate includes a solely owned property, you are likely to need a Grant of Probate to transfer or sell it.
- You will need to collect in the estate funds, i.e., collect in bank account funds, sell shares, encash Premium Bonds, etc, and pay any liabilities and estate administration expenses.
- Once you have received all of the estate funds and paid the estate’s liabilities, including any inheritance tax, you will need to distribute the estate in accordance with the Will. This may involve contacting beneficiaries and providing them with an account of the estate including payments made since the date of death i.e., administration expenses, liabilities paid, etc.
- As executor, you have personal liability should you distribute the estate without repaying all of the deceased’s debts. Therefore, you may need to protect yourself by placing statutory notices in the London Gazette and a local newspaper calling forward any unknown creditors. It is also prudent to wait 10 months before distributing an estate in case a disgruntled family member or partner makes a claim for provision from the estate if they have been excluded from the Will.
Estate Planning Lawyers Near Me
Should you need any assistance or advice in respect of administering an estate, the Private Client Team at Bridge McFarland can help you. 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, and guiding executors through their duties and responsibilities. To find out more about our extensive private client service offering, please click here.
