Executors
Who are Executors and what do they do?
You’ve been asked to be an executor, but what does this mean?
What is an Executor?
Anyone who makes a will must name an executor. An executor is legally responsible for carrying out the instructions in the person’s will and handling their estate (their money, property and possessions). The Executor is responsible for managing all aspects of estate administration and distributing inheritance to beneficiaries.
Who can be one?
Anyone can be an executor, even if you’re going to inherit something from the will. You may be doing this alone, or with the help of another executor, who may be another family member or friend, or with the help of a professional executor who can be useful when the estate is more complicated or if you’re unable to carry out the task alone.
Can I change my mind?
Being an executor isn’t easy, it can take up a lot of time, so think carefully before you agree.
Once you’ve accepted the role, you do have options:
• If possible, talk to the person who has appointed you, so they can change their will
• If they have died, and you haven’t yet started to deal with the estate, you have options to renounce your role.
• If you’ve already started to deal with the estate, you cannot step down without good reason, such as ill health.
Can I get help with being an executor?
The short answer here is yes you can. An experienced executor will have the knowledge and expertise to handle your estate accurately, effectively and efficiently. A professional executor is available to provide assistance, should you need it.
Executors Key Duties
The most common tasks associated with being an executor include:
• Registering the Death
• Getting Copies of the Will
• Arranging the funeral
• Taking responsibility for property and post
• Valuing the Estate
• Sorting out finances
• Dealing with assets
• Paying any Inheritance tax
• Applying for Probate
• Distributing the estate
Please click below for a downloadable factsheet on Executors