This role involves managing the deceased person’s estate, which includes handling their assets, paying off any debts, and distributing the remaining inheritance to the beneficiaries named in the will.
Being an executor is a legal responsibility and requires careful attention to detail, as the executor must ensure that everything is done in accordance with the law and the wishes of the deceased.
The role of an executor can be complex and time-consuming, particularly if the estate is large or involves multiple assets like properties, bank accounts, and investments.
Executors are also responsible for applying for probate, a legal document that grants them the authority to manage the deceased’s estate. According to the UK's Ministry of Justice, around 270,000 applications for probate are made each year, reflecting how common this process is for executors.
Who Can Become an Executor?
In most cases, anyone over the age of 18 can become an executor of a will, as long as they are of sound mind. Executors are often close family members or friends of the deceased, such as a spouse, child, or sibling.
However, the person writing the will, known as the testator, may also choose to appoint a professional executor, such as a solicitor or a bank, particularly if the estate is large or complex.
It is not uncommon for people to appoint more than one executor. Up to four people can act as executors for the same will, allowing them to share the responsibilities and decision-making. This can be especially helpful in situations where the estate is large, or where different executors bring specific skills or expertise. However, all executors must act in agreement when making decisions about the estate.
The Responsibilities of an Executor
The primary responsibility of an executor is to manage the estate according to the wishes outlined in the will. This includes gathering all the assets of the deceased, such as money, property, and personal belongings. Executors must also pay any outstanding debts and taxes, including inheritance tax, before distributing the remaining assets to the beneficiaries.
According to a report by SunLife, the average cost of dealing with a loved one’s estate in the UK is around £9,700, which includes legal fees, probate costs, and funeral expenses. Executors must ensure that these costs are covered, either through the deceased’s estate or through other means.
In some cases, the executor may face disputes from beneficiaries or creditors, which can complicate the process. Executors must remain impartial and follow the legal procedures required to resolve such issues, even if it involves family members. If the executor fails to carry out their duties correctly, they can be held personally liable for any mistakes or mismanagement of the estate.
Should You Appoint a Professional Executor?
While many people appoint family members as executors, appointing a professional executor such as a solicitor can help reduce the burden, especially if the estate is complicated or involves large sums of money. However, professional executors will charge a fee for their services, which can reduce the overall inheritance left to the beneficiaries. It is important to weigh the benefits of professional help against the potential costs, especially in smaller estates.
Conclusion
An executor of a will plays a critical role in ensuring that a person’s final wishes are carried out after their death. While anyone over 18 can become an executor, it is a significant responsibility that requires careful management of the deceased’s estate. Whether you choose a family member or a professional executor, it is important to select someone who is capable, trustworthy, and willing to take on the legal obligations involved.
