Estate Planning as a Career

What Are the Duties of an Executor?

December 29th, 2011 Filed under: Executor Fees — Estate Planning Author

When someone writes their Will they will always nominate at least 1 executor. Most people do not consult the nominated Executor and just assume they will do the job. Legally, just because you nominate someone as an Executor, they do not have to do the job if they are unwilling to do it. The only binding thing is that if they start the process they have to finish it. Now you can nominate as many Executors as you want but only 4 can act at any one time. The process is quite straight forward for most estates but if the estate is very complicated Executors do have the power to appoint a Solicitor to carry out Probate. beware though when appointing a Solicitor. make sure you get a detailed fee scale and agree this prior to any work being carried out. Solicitors will either quote a set fee based on the complexity of the estate or a Percentage of the estate.

So here are the main duties that an Executor has to perform.

1. Register the death of the client. Obtain copies of the death certificate, several may be required, one for the funeral directors and others for each of the funds that may have to be released or transferred e.g. bank accounts, insurance policies, shares and other equities.
2. Arrange the funeral. The cost will usually be the first expense paid from the deceased’s estate.
3. Arrange to open a personal representative’s bank account.
4. Inform all relevant persons or organisations.
5. Arrange for valuation of the estate.
6. Draw up a full schedule of debts that must be paid from the proceeds of the estate.
7. Complete the forms required by the Inland Revenue capital taxes office so that it can be established whether any Inheritance Tax is due.
8. Pay any IHT due.
9. Complete the Probate forms and send them to the Probate Office along with the original Will, the death certificate and the Inland Revenue account.
10. Apply for Grant of Probate via the nearest Probate Registry. .
11. Collect in debts/other assets.
12. Distribute the estate.
13. Retain papers. Once the estate has been finalised all papers, including the Grant of Probate and the accounts, must be stored safely for a period of 12 years

As you can see the duties of an Executor and quite onerous and should not be taken lightly. The responsibilty is firmly palced on the Executors shoulders to carry out the Testators wishes. Anyone who is nominated as an Executor can refuse to act, being nominated is not legally binding. But if they do start the process they then can’t decide half way through that they don’t want to continue. An executor can appoint another executor i.e. A solicitor if they feel they would be unable to complete the process.