When you make a Will, you need to appoint one or more executors to carry out the administration of your estate when the time comes. Over the years, you may want to make changes to your Will, including appointing a different executor. We look at the role of an executor and whether they need to be notified of any changes.
Summary
- What Does an Executor Do?
- Who Should You Appoint as Your Executor?
- Do You Need to Notify Your Executor of Changes to Your Will?
- What Does an Executor Need to Know?
- Contact Our Wills Solicitors
What Does an Executor Do?
The job of an executor is to look after someone’s affairs after their death, to wind up the estate and to distribute their assets as stipulated in their Will.
The task can be lengthy and is sometimes complicated, particularly if the estate includes a wide range of assets or liabilities and requires the payment of Inheritance Tax or other types of tax.
The main tasks of an executor are as follows:
- Making funeral arrangements or arranging funding if a family member is making the arrangements
- Taking steps to secure and protect the deceased’s assets, for example, by taking a car off of the road and arranging property and vehicle insurance
- Valuing the estate, to include all assets and debts
- Calculating and paying Inheritance Tax
- Applying for a Grant of Probate
- Collecting the estate assets and closing accounts
- Selling the deceased’s assets, including clearing and selling property
- Settling all of the estate’s liabilities
- Identifying all beneficiaries
- Where necessary, placing statutory advertisements in The Gazette and local newspapers for beneficiaries and/or creditors
- Preparing detailed estate accounts
- Distributing the estate to the beneficiaries and obtaining receipts
Who Should You Appoint as Your Executor?
It is generally recommended that you appoint someone younger than you as your executor, to ensure that they are still around to take on the role when the time comes. If you choose someone of your own age, you can also appoint a second executor, giving them the power to deal with the administration on their own if necessary. Alternatively, you can appoint backup or replacement executors who can act if your first choice is unable or unwilling to do so.
While the role of executor is onerous and time-consuming, executors do have the option of asking a probate solicitor to deal with the estate administration on their behalf. This means that you can still choose someone who only has limited time available or who will not want to deal with the bulk of the work themselves. They can instruct a probate solicitor and they will then only have to sign a limited amount of paperwork.
This is often the preferred option as estate administration can be complex and mistakes can cause delays. It is also the case that executors will be personally liable for any errors they make that cause a loss to the estate.
Do You Need to Notify Your Executor of Changes to Your Will?
It is advisable to discuss appointing someone as your executor with them beforehand if you can. This will give you both the chance to talk through the situation. You can check that they are willing to act and ensure that they are prepared to take on the role.
They do not need to know the contents of your Will. Similarly, if you decide to make changes, you do not need to notify them that you have done so or tell them what the changes are. However, if you decide to remove them as an executor having previously told them that they would be appointed, it is advisable to let them know. This will avoid any misunderstandings later on and can help reduce the risk of disputes.
What Does an Executor Need to Know?
It can also be helpful to let an executor have some basic information, including where your Will has been stored. Options include asking the solicitor who prepared the Will to store it, storing it with your bank or using a Will storage facility. You should ensure that close family members know where it is and put the receipt with your important papers.
It will only be released after your death to your executor, who will be asked to provide an official copy of the death certificate.
You can also arrange to notify the National Will Register of your Will’s location.
You may want to discuss funeral arrangements with your executor. Alternatively, you can leave a Letter of Wishes detailing what you would like to happen.
After a death, an executor will need to be able to identify all assets and liabilities, so it will be helpful to make a comprehensive list of these to be kept with your important documents.
For information on our related services, see our Wills and Probate Solicitors page and the following articles:
Contact Our Wills Solicitors
To speak to one of our expert Wills solicitors, ring us on 0330 173 3980, email us at info@witansolicitors.co.uk or fill in our contact form and we will talk through your situation with you and discuss how we can help.
