What Are the Duties of an Executor?
What Are the Duties of an Executor?
When someone passes away and leaves behind a will, they usually name a person they trust to take care of their estate. This person is known as the executor. The role sounds simple, but the duties of an executor can be detailed, time-consuming, and emotionally challenging — especially during a period of grief. Understanding the key responsibilities can help you feel more confident if you’ve been appointed or are planning your own will.
Understanding the Executor Role
The executor is responsible for administering the estate according to the wishes written in the will. This includes handling money, property, and personal possessions. The role must be carried out responsibly and in line with the law. A helpful explanation of this process is offered by UK GOV who outline the full list of duties expected from an executor in the UK. You can refer to their Trusts, Settlements and Estates Manual for additional insight.
Locating the Will and Securing Assets
An executor’s first task is to locate the original will and confirm its validity. Once this is done, they must secure the deceased’s home, valuables, and important documents. This might include locking the property, taking an inventory, and notifying banks or financial institutions. At this stage, it’s common for executors to seek guidance, and many choose to speak to professionals or advisers. On the Care Financials website, you’ll find valuable estate-related resources that can support families preparing for the probate journey.
Applying for Probate
To legally manage and distribute the estate, the executor usually needs to apply for a “grant of probate.” This legal document gives them the authority to act on behalf of the estate. The process can involve submitting the will, completing inheritance tax forms, and providing financial information. Delays often occur if documents are missing or the estate is complex, so it’s important for executors to stay organised.
Managing Finances and Paying Debts
One of the most important responsibilities is handling the deceased’s finances. Executors must gather information about bank accounts, savings, pensions, investments, and any debts owed. They must:
- Close financial accounts
- Pay outstanding debts
- Settle utility bills or loans
- Manage property-related expenses until the estate is distributed
It’s essential that executors keep accurate records, as they may need to show beneficiaries how money was handled.
Calculating and Paying Inheritance Tax
If the estate exceeds the inheritance tax threshold, the executor must calculate how much tax is due and ensure it is paid on time. HMRC requires tax to be paid before probate can be granted in most cases. Executors need to understand property valuations, gifts made before death, and other taxable areas — which can be overwhelming without professional guidance.
Distributing the Estate
Once debts and taxes are cleared, the executor can distribute the estate according to the will. This includes giving money, property, or belongings to beneficiaries. Sometimes disputes arise — especially if the will isn’t clear — and the executor may need to mediate or seek legal advice to avoid delays.
Why Executor Duties Matter
Being an executor is a legal responsibility, not just a ceremonial role. Mistakes can lead to fines, delays, or disputes among beneficiaries. Executors must act with honesty, fairness, and transparency. For many people, appointing an executor they trust is just as important as writing the will itself.
If You’re Planning Your Own Estate
Choosing a reliable executor is an important part of planning for the future. Many people select a spouse, adult child, or close friend. Others prefer a solicitor or professional executor. Whatever you choose, make sure the person understands what the role involves.
If you’re reviewing your estate, considering mortgage planning, or organising your financial future, you can find helpful resources at Care Financials, where guidance on financial planning, mortgages, and related services is readily available.
Disclaimer
Care Financials works, as an introducer, with several reputed, well-established mortgage brokers to offer mortgage services at the best possible rates who will assist the clients in finding the ideal home and securing the right mortgage by utilizing their in-depth expertise in estate agency mortgage services.
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