Duties of Will Executor
The duties of a will executor are important to understand if you have been asked by a family member or friend to carry out this crucial task. The role of the executor is crucial, so knowing what is expected of you can put your mind at ease.
What are the Duties of an Executor of a Will?
There are a number of duties that the administrator of the estate has to carry out. These include:
- Valuing your estate and reporting it to HMRC
- Paying any outstanding debts and liabilities in bank accounts or other
- Applying for the grant of probate (the document that allows them to administer the estate)
- Distribute the estate among the beneficiaries
- Collect in the value of any assets – this may mean selling any property that allows beneficiaries to receive their share of the inheritance.
The executor is legally responsible for ensuring that all tax responsibilities have been fulfilled – including paying all the relevant taxes and ensuring that all the necessary paperwork is filed with HMRC. If this is done incorrectly or if they have somehow mismanaged funds, then they will be held personally responsible for any financial shortfalls.
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Who is the Executor of the Will?
The executor of the will is whoever the will writer thinks would be the best person for the job. This could be any family member or friend, but, generally, it is a good idea to choose someone who you trust and that you know will be comfortable handling the legal responsibilities of the role. You can select up to four executors. If you choose more than one, then they’ll need to be able to work together. Some people decide that they would rather appoint a solicitor to be in charge of executor duties and responsibilities.
What is the Advantage of Appointing a Solicitor for Executing a Will?
While some people may choose to appoint a friend or family member for estate administration responsibilities, it can be beneficial to have someone in charge who has no personal involvement in family matters. A professional executor will be able to make the right steps without having personal investment. They will also have professional knowledge and expertise in estate administration.
What is the Executor of a Will Entitled to?
The executor of a will is entitled to claim reasonable expenses from the estate funds during the time that they are carrying out their legal responsibilities, but these can vary so it is a good idea to discuss it with a legal professional.
Can an Executor of a Will be a Beneficiary?
Yes, an executor can be a beneficiary but it is important to ensure that they do not witness the will or they will not be entitled to receive their legacy under the terms of the will.
Can I Remove an Executor From My Will?
Yes, removing an executor before probate has been granted can be straightforward. The executor can easily renounce their position and a chosen replacement can act as an executor instead. Renunciation is also available after probate has been granted, providing that the executor has not intermeddled with the estate.
Can a Cartwright King Solicitor Execute My Will?
Yes, you can appoint one of our specialists at Cartwright King to execute your will. We have a great deal of experience in this area and can sort your affairs in a very straightforward way.
Get in touch today for expert help and advice.
All advice is correct at time of publication.