Capable Executors: Make the right choice for your Will : 2022
Not everyone is up to the task of Executor and choosing someone to ‘Administor your Estate after your death can be the most thorny problem when making Wills. In this guide, Unity Legal will take you through ‘The Role of an Executor’, ‘How to execute a Will’ and answer some Common Queries.
What is the role of an Executor?
The role of an executor is to make sure the wishes of the deceased are carried out in line with the Will.
Immediately after death, the death needs to be registered and funeral arranged. These tasks do not always fall to the executor. The arrangements for the funeral need to be carried out according to the wishes stated in the Will (although if the wishes cannot be fulfilled easily, they are not binding). If the funeral needs to be paid for the deceased’s bank need to be approached and will usually pay provided there is enough money in the deceased’s account.
Once obtained the Death Certificate needs to be shown to different relevant organistaions. Some assets can be dealt with without a Grant of Probate for example property owned jointly. The original Will also needs to be obtained by showing the relevant organisation the death certificate. The authority of all Executors will be needed to get the Will released.
The executor is responsible everything owned by the Deceeased when they died and caring for it until it is handed to the beneficiaries or sold.
An audit of Assets needs to be done and any outstanding debts settled. If applicable, Inheritance Tax needs to be calculated and paid.
Unless the balance of Assets is small a Grant of Probate needs to be applied for via the Probate Office. The Grant of Probate proves the Will is genuine and the Executor named on the Grant is entitled to deal with the deceased possession, sale of property and distributing funds to beneficiaries. This would often occur six months to a year or more later.
The Executors need to keep records and be accountable for they have done should it be queried.
Where Assets are held in Trust the Executors need to manage the Trusts until the Trust is no longer required.
How to pick an Executor?
Begin with a list of people who you would trust with the task. It helps if they are organised and rational. This can be family members and friends who will be beneficiaries of your Will (they stand to inherit). You can also have Professional Executors like your solicitor or accountant. They will charge for their services, this could be an hourly rate or a percentage of the Estate (usually between 1% and 5%) but bring their expertise at handling these matters. Ask us for a Probate Quote.
Cross-off anyone under 18 or who could be deemed to be not of sound mind.
You can choose more than one Executor, you may decide to appoint a family member to deal with family matters and a professional to handle the paperwork – legal, property and tax matters.
When choosing friends and family, remember they will be grieving and may just find it too tough to Administor the Estate at a time when they are dealing with loss. It is worth asking them whether the Role of Executor is one they would be willing to take on. Remember, they have the option of appointing a professional like us to Administor the Estate and if necessary obtain the ‘Grant of Probate’.
If there is no one who can be an executor the government will provide a public trustee as a last resort.
If you plan to have more than one executor they will need to work together and be in agreement, so this is worth bearing in mind as well.
Common Queries
Are there any legal requirements regarding who can be an Executor?
Yes, they need to be at least 18 years old and of sound mind.
Can an Executor witness the Will?
Yes, but only if they aren’t a Beneficiary.
Do we have to get a Grant of Probate?
No, not for lower value Estates. Take a look at up to date thresholds here.
What are the Inheritance Thresholds?
For up-to-date information look here.