What are the duties of an Executor?
An executor of a will is the person appointed to administer the estate. You may hear of a few variations of the word ‘executor’ such as ‘administrator’ and ‘personal representative’ and assume the three terms are interchangeable, but they’re each used in different circumstances.
What is the difference between an executor, an administrator, and a personal representative?
A personal representative is someone responsible for dealing with the deceased’s estate. This include paying off any financial arrears such as debts and taxes, as well as distributing the estate to its beneficiaries.
If a valid will is in place, the personal representative is known as the executor, and is chosen by the writer of the will.
If there is no will, the personal representative is known as the administrator. In this case, the administrator will be appointed by the rules of intestacy, which also determines how the estate will be distributed.
The personal representative has the legal authority to deal with an estate, and is also the person financially liable for any mistakes made.
What are my duties as an executor?
If you have been named as an executor in someone’s will, you’ll be in charge of administering their estate. It can be a long, complicated and time-consuming process, often taking up to a year or more to complete.
It’s vital to do everything correctly, as you will be legally responsible for distributing the estate according to the will and the law, therefore liable for any mistakes made.
You’ll be in charge of:
Applying for the grant of probate, which is the legal authority to administer the estate
Identifying and dealing with all claims against the estate
Submitting the Inheritance Tax Return and paying any tax that is owed
Completely the relevant Income Tax returns
Corresponding with all organisations and beneficiaries named
Searching for missing assets
Distributing the estate
Do I have to do it all alone?
It’s recommended to seek the support of a professional probate lawyer, to ensure you are doing everything correctly. It can be an overwhelming process, and sometimes complicated, which is why we have fully trained solicitors on hand to help.