What are the duties of an executor?

In the event of a loved one’s death, responsibilities for any will would need to be undertaken by one or more appointed executors. It can be a privilege to be asked to be an executor, but it can be a daunting role and requires perseverance. This article maps out the key steps of this important job.

As an executor, you are legally appointed in the deceased person’s will to take responsibility for instructions set out in the document. You will manage the deceased person’s estate, which comprises their property, financial assets and possessions. This involves handling legal responsibilities, contacting the relevant authorities and distributing money or assets to beneficiaries named in the will.

Typically, one or two people are named as an executor, though up to four people can be appointed. There are benefits in having two or more executors where estates are large or complex, perhaps containing several properties. Where there’s more than one executor, decisions on handling the estate must be made jointly.

Executors are often spouses or people closely related to the deceased. If you fall into these categories, you can still undertake your responsibilities even if you will inherit something from the estate.

Your first duties

• There are multiple duties for an executor. Your initial priorities are as follows:

• Register the death and obtain a death certificate

• Use the government’s Tell Us Once service to inform all government departments

• Inform providers of the deceased’s bank accounts, as well as utilities, mobile phone, broadband and other companies where the individual had an account

• Ensure the deceased person’s property and possessions are secured.

You need to obtain the original will and make copies. If the original will is not available, you can search for it online using the National Will Register or Probate Registry. You need a death certificate beforehand to obtain the will, along with a form of identification.

You also usually have to arrange the funeral in line with requests set out in the will. If the will gives no instructions, the responsibility to organise the funeral still usually sits with you as executor. This can be challenging, depending on the circumstances, but funeral service providers offer guides on their sites for different options and packages.

What else do you need to do?

The wider duties for an executor from this stage onwards, during what’s called the administration period, will include the following:

• Collect any sums of money owed to the deceased

• Distribute assets, property or money to individuals as instructed in the will

• Organise payments from the estate of any debts, duties or taxes owed by the deceased

• Arrange a valuation of the estate

• Report the valuation and any tax liability to HMRC

• Arrange payment of capital gains tax on any profits from the sale of investment assets or property as part of handling the estate.

The complexity and time-consuming nature of these tasks will depend on the size of the estate, its value and if there’s just one executor.

To value the estate, three steps are involved:

1. Draw up an inventory of all the person’s property, possessions, savings and debts

2. Calculate an estimation of the estate’s value

3. Reporting this value to the government.

How the value is reported to HMRC depends on whether a full valuation with more comprehensive information is required.

You also need to consider the different processes for various thresholds of estate value. These thresholds determine whether an estate is perceived as ‘small’ in the government’s eyes, as well as when inheritance tax starts to apply and when there are exceptions to this tax.

In order to gain the legal rights to oversee the assets of someone after they die you need to apply for probate. If you are uncertain how to proceed here, then you may benefit from using a solicitor or estate administrator.

In fact you may benefit from a solicitor’s or estate administrator’s services throughout the entire process. They could provide you with vital support in what may well be a challenging time.