What is an Executor of a Will?

When someone dies, their possession, property, money and investments (formally known as the estate) need to be dealt with. This is called estate administration.

The initial stage of estate administration is the probate process. This is where the Will grants authority to a personal representative to manage the estate. When there is a Will, this personal representative is known as the Executor. Sometimes referred to as the Executor of the Estate or an Executor of the Will. 

What is an Executor?

If someone has died and left a Will, they will usually have named one or more people as an Executor in their Will. An Executor will be responsible for overseeing the entire estate administration, including the probate process.

Executors can apply for a grant of probate if needed. This confirms the will’s validity and gives them the authority to manage the deceased’s estate. They are responsible for ensuring the estate is distributed to the beneficiaries named in the will.

The duties of an Executor

If you are named as an Executor in a Will, it can be confusing where to start. Probate and estate administration is complex, confusing and time intensive. Fulling the Executor duties can last up to a year or more.

As an Executor, you are legally responsible for administering the estate. It’s important to get everything right which can be a daunting task.

Your duties as an Executor could include:

Legal Responsibilities

– Applying for probate.

Tax Responsibilities

– Dealing with and paying any inheritance tax.

– Dealing with any Income Tax and Capital Gains Tax.

Estate Administration

– Finding the Will.

– Value all assets in the Estate.

– Contacting all beneficiaries named in the Will.

– Search for any missing or unclaimed assets.

– Transfer property and cash based on instructions left in the Will.

– Pay any debts and liabilities.

– Locate any hard-to-reach family members.

– Distribute assets to beneficiaries based on instructions left in the Will.

Our estate administration solicitors can help you with managing an estate. The main benefit of having a solicitor for an estate is that they make the process easier. They help reduce stress and ensure you get the best outcome possible.

What happens if no Executor is named in the Will

If there is no Executor named in the Will, the Will is still valid. However, someone will need to take control of the estate. This person needs to apply for a Grant of Letters of Administration to the probate registry.

They will likely be the next-of kin. Anyone can act as a personal representative if they are over 18, mentally capable and not bankrupt.

What happens if there are joint Executors of a Will?

It is common to appoint more than one executor in a Will. However, not all the named Executors have to take an active role in managing the estate. 

The duties involved in managing the estate are the same if there are joint or multiple Executors.

However, if disagreements happen, there could be delays in the administration of the estate. This can negatively impact the beneficiaries of the estate. 

What is a Professional Executor?

A professional Executor can be appointed in a Will to apply for probate and manage the estate. A probate and estate administration solicitor can act as professional executor. This can be a useful option for those struggling to choose to be an Executor. It also provides you with peace of mind that your estate is in safe hands, with no conflicts of interest.

Having a law firm as an executor can help manage the estate well. They ensure fairness and provide security. With a professional executor, there will be no delays due to disagreements or incorrect filling of grant applications.

Speak to our probate solicitors to discuss the option of Howells Solicitors acting as your professional executor.

What happens if there is no Will?

If there is no Will then the rules of intestacy will apply. The next-of-kin may need to apply for a Grant of Letters of Administration. This will allow them to become the Administrator of the Estate.

Find out more on what happens if there is no Will.

We advise seeking legal advice if there is no Will as the estate administration process may be complex.

What is a beneficiary of a Will?

A beneficiary is the legal term for someone who will inherit something from someone who has died. Beneficiaries are usually identified in a Will left by the deceased. The Will should identify who will receive money, property, investments and possessions from the estate.

Can an Executor of a Will be a beneficiary?

Yes, this is a common scenario. The only exception is if the executor also acted as a witness to the signing of the Will.

Services Offered by Our Estate Administration Solicitors

If you have been named an Executor of a Will, our estate administration solicitors can help you with managing an estate by:

– Tracking down a Will.

– Dealing with probate and dealing with all Grant of Representation paperwork.

– Advise on and pay inheritance tax.

– Advising you regarding the terms of the Will.

– Providing advice and information to you regarding your responsibilities as a personal representative.

– Obtaining valuations of the assets and liabilities, including any debt, in the estate.

– Dealing with a complicated estate where there is no Will.

– Dealing with complex arrangements in a Will, such as assets held in a Trust.

– Dealing with foreign assets in an estate.

– Deal with any business ownership or interests.

– Deal with any investments.

– Encashing the assets and paying any liabilities out of estate funds.

– Work with Tracing Agents and locate hard to reach family members.

– Distributing the estate based on the instructions in the Will.

The main benefit of having a solicitor is that they make estate administration easier. They help reduce stress and ensure you get the best outcome possible.

Howells Solicitors have a strong record of great service and positive client feedback. We rank as one of the top law firms in South Yorkshire for estate planning solicitors on review solicitors. We also rank as one of the top law firms for estate planning solicitors on the Three Best Rated website.

Request a call back below or call us on 0114 2743 481 to book your appointment today.