I am an Executor. What do I Need to Do?

23 Aug I am an Executor. What do I Need to Do?

You may already have been asked to act as an Executor or you may only find out you have been appointed after your relative, loved one or friend has passed away. Being an Executor is a responsible job and it is always better to ask someone before appointing them, but it does happen that people don’t, and you could find yourself appointed without knowing.

The role of an Executor is to deal with a deceased person’s estate and to ensure their final wishes are carried out. So, what do you have to do now and how do you go about making sure you carry out the deceased person’s wishes?

The first job is to confirm your role as an Executor. Before taking any steps, ensure you are named as an Executor in the deceased person’s Will. Make sure you are looking at the last Will the deceased left behind.

You then need to decide whether you do wish to act as an Executor. If you would prefer not to then you need to let the estate know as soon as you can. If you start acting within the estate, you may be deemed to have ‘intermeddled’ and this means it is not possible to remove yourself as an Executor without a formal Court process being undertaken. It is also possible you could become personally liable for actions which you have taken. Therefore, it is important to make sure you are willing to take the job on. You need to understand what you will be asked to do, how much time dealing with the estate is likely to take up, and whether you have time to deal with it properly. At this stage you may decide to ask for help by appointing a solicitor to help you through the process.

If you are happy to go ahead and accept your role as Executor, then you can start taking the next steps.

The next part of the process is to gather all essential documents together. This will include the original Will, the death certificate, and any other legal documents, such as bank books, share certificates, house deeds and anything else which may be relevant to the deceased’s

financial affairs. You will also need to ensure you have full details of any debts, loans or other expenses which need to be paid from the estate. It is important to make sure you have a clear understanding of the deceased’s assets, debts, and financial affairs.

It is then necessary to value the estate. This value needs to be a total value of all the deceased’s assets, which may include property, bank accounts, investments, personal belongings, and any outstanding debts. The figures obtained from this valuation process will determine whether it is possible for the estate to be dealt with without the need for a Grant of Probate, or whether the estate needs a Grant of Probate. It will also establish whether the estate is subject to inheritance tax (IHT) or not.

Once the estate value has been determined you then need to apply for Probate. Depending on the value of the estate, the process is different for taxable and non-taxable estates, but you will be responsible for completing the right application and ensuring all forms are submitted to the Probate Registry and the Revenue if the estate is taxable. If IHT is payable you are also responsible for planning for this to be paid, either from the deceased’s estate if possible, or by arranging a loan to the estate for the IHT due.

Once the Grant is issued by the Probate Registry this is the document which confirms your legal authority to deal with the administration of the estate. You can then start making decisions about what assets to keep and what assets to transfer. You should always keep in mind who you are ‘working’ for – these are the beneficiaries named in the Will. They may wish to be involved in decisions such as whether/when to sell a property, what to do with contents etc. It is important you remember to consider the wishes of your beneficiaries.

The next job is to settle any debts and other expenses. The assets from the estate can be used for this purpose but it is vital that you keep detailed records of all financial transactions made in your role as an Executor. Don’t mix estate money in with your own, keep a separate account so there is no confusion about what is and isn’t estate money.

Once all assets have been collected and debts paid it is then time to prepare an estate return for the Revenue for the administration period, pay any further liability due and then to distribute the estate in accordance with the terms of the Will. You need to make sure you have taken account of everything by this stage, that you pay any legacies and then deal with the remainder of the estate (the residue). You need to make sure you receive receipts for all payments made, so you can show you have discharged your responsibility as the Executor.

This is a whistle stop tour through what an Executor is required to do. The probate process can vary depending on the complexity of the estate and any unique circumstances. Disputes about estates need to be managed very carefully by an Executor. Seeking professional advice can provide invaluable support.

Probate does not need to be complicated, but it does need to be completed properly. The Court can act against an Executor who does not carry out their role properly and the beneficiaries you are acting for can also take action against you.

We have various packages to assist with being an Executor. You could decide you wish to do all the gathering of the information and final distribution but need assistance with the Probate application. You may decide you would like a full service which deals with the whole estate administration. We can offer as much or as little assistance as you need. Talk to our probate team today to see how we can help.