What is the role of an Executor?

Acting as an Executor is a job for life. Careful consideration needs to be given as to who to appoint:
•    Being an Executor is a difficult and time-consuming job.
•    The role carries personal legal liability.
•    Relatives may be too distressed to perform the role.
•    Decisions could make them unpopular with Beneficiaries.

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Appointing an Executor
You should choose an Executor to carry out your wishes, as stated in the Will. Executors can be Beneficiaries under the Will and often people appoint their spouse, partner or children as Executors. It may be easier for the Executors if there is more than one person to share the work and the responsibility.

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If the estate is large or complicated, there may be advantages in appointing a Professional Executor. A professional Executor such as Solicitors, Accountants or Bank Managers may charge between 3 and 5% of the value of the estate for the work that they do and often an hourly rate in addition to this. If our legal partners (Countrywide Tax & Trust Corporation Ltd) are appointed at outset can charge from only 1.5% of the value of the estate plus VAT and disbursements (please refer to CTT terms).

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Understanding the role of an Executor
An Executor has to carry out certain tasks and duties in order to legally fulfil the obligations of the task, such as:

• Obtain a copy of the medical certificate indicating cause of death.

• Register the death at the local Registry of Births, Deaths and Marriages.

•  Ensure any last wishes such as organ or body donations are carried out. Planning for the Funeral or Cremation and paying for the services provided.

• Make sure you have the last original Will of the deceased.

• Locate all the heirs. Even if numerous or no known address, the Executor must locate each and every one.

• Make an exhaustive list of all the assets of the estate, from personal to real property, to bank accounts, investments etc, debts including credit cards, utility bills, loans etc must also be accounted for.

• Open a separate estate account into which money collected can be credited.

• Notify all businesses of the death e.g Utility Companies, Credit Card Companies, Banks, Council Tax Offices etc.

• Make sure all the Deceased’s debts are settled before the estate is distributed to the Beneficiaries.

• If there are minor or dependent children, the Executor could be responsible for arranging for their care and placement. If there are pets, the Executor will need to care for them and make arrangements for their care.

• Pay any inheritance tax necessary.

• Calculate and declare the value of the estate to HMRC on an inheritance tax return, within 12 months of death.

• Pay the deceased’s tax. This is your personal responsibility and may leave you open to personal liability/penalties.

• Complete the relevant forms and submit them to the Local Probate Registry to obtain the Grant of Probate.

• Distribute the contents of the Will, making sure that if anything is to be left to minors, a Trustee has been named.

• After you have completed all of your tasks, you the Administrator need to produce a full set of accounts for the Beneficiaries showing the estate assets and liabilities, administration income and expenses and how the estate has been distributed.

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A key consideration for you will be the extent to which you wish to involve professionals to help and support you in this role.

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With the added rules and complications surrounding the NEW Residence Nil Rate Band, the ever possibility of the government introducing new complex allowances & changing tiered basis Probate fees, plus increasing funeral costs, South Coast Legal Services recommend adding Countrywide Tax & Trust Corporation Ltd either as a main or reserve Executor/Trustee in the Will. They have a professional duty of care to explain clearly in advance the basis of charges, so you know what to expect.

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Now (perhaps more than ever) professional estate administration/advice is recommended on death, as it is no longer straight forward for any lay executors to try and "DIY" the estate themselves, particularly with Wills and Trusts becoming more and more complex.

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Being the Executor of an estate is not really an honour; it’s a difficult

and time-consuming job that carries personal legal liability!

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An Executor will probably work long, hard hours for at least a year or two getting your estate settled and they could quite possibly be a very unpopular person to your heirs.