What to do after being appointed as an executor of a Will

• Posted onSeptember 18, 2024

It can be daunting being appointed an executor. Many people only take on this role once or twice in their lives, and may struggle to know the right steps to take. Rebecca Tribble  Associate Solicitor in our Private Client Department shares her insight to help you through the process if you have been appointed as an executor.

What is an executor of an estate?

An executor is a person chosen in a Will to administer the estate of someone who has died. An executor does not need any special training or legal knowledge. They must be someone trustworthy who the person making the Will (the ‘testator’) believes has the right skills to deal with things properly.

It is common for a beneficiary of an estate to be chosen as an executor. In some cases, solicitors or other independent third parties might be appointed. There is no requirement to tell someone you have chosen to appoint them as an executor, though of course it is sensible to do this to make sure that the person you have chosen is happy to act for you and has the important information they will need to help them in their role.

An executor is personally liable for administering the estate properly. The executor should not end up ‘out of pocket’ and can be reimbursed for reasonable expenses (such as the cost of obtaining death certificates) from the estate.

Where there is no Will, the law states who has the power to administer the estate. This person is called the ‘administrator’ and will usually be a close family member. Their responsibilities are very similar to that of an executor.

What are the responsibilities of an executor?

An executor is responsible for all of the assets of the estate. They are responsible from the date of death, right up until everything is fully administered by paying the beneficiaries their entitlement. They are required to administer the estate in accordance with the terms of the Will and the law.

11 steps to take as an executor after someone has passed away

Locate the Will

It is important to locate the original Will, and to ensure that this names you as an executor. You need to be satisfied that the Will you hold is the last Will, and had been properly signed. You can conduct searches to see if a later Will is held elsewhere.

Secure the assets of the estate

You should take immediate steps to secure the assets of the estate. Where there is a house, this might include checking that the property is properly insured and that all doors and windows are locked. You should check who holds a key for the house, and consider having the locks changed. If there are items of value in the property, you might consider moving these to a safer location before they can be valued.

Registering the death

Often, and especially where you are a close family member, this responsibility will fall to you. You will need arrange an appointment at the registrars to do this. Until you hold a death certificate, you will not be able to take the rest of the necessary steps.

Arranging the funeral

The funeral will often be arranged by the executor of the estate. It is important to check the Will and any other documents among the testator’s possessions to see if there is any reference to funeral wishes. The funeral can be paid for by the estate, and banks and building societies will usually arrange payment from the deceased’s account directly to the funeral home if you provide them with the invoice.

Valuing the assets of the estate

You will need to review all the deceased’s personal documents to work out where they held assets, and any liabilities they might have. It can be a good idea to look through bank statements showing payments coming in and out which might relate to assets or liabilities. You need to notify everyone that the deceased has passed away by providing them with a death certificate. You need to ask the value of the asset or liability at the date of death.

Applying for Probate

Once you are clear about the value of the estate, you will need to decide whether Probate is required. In some small estates where there is no house or investments, you may find that Probate is not necessary. Where all of the assets were held jointly, for example between a husband and wife, again it may be that Probate is not required. The asset holders will tell you whether you need Probate to close down the accounts they hold. Each of the banks and building societies have different thresholds. The application involves assessing the value of the estate for Inheritance Tax purposes, and completing an application.

Paying Inheritance Tax

Where the estate is subject to Inheritance Tax, you will need to complete an Inheritance Tax return and arrange to make payment of the tax due. Payment should be made from the deceased’s estate. At least some of the tax due needs to be paid before you can apply for Probate. There are timescales to report and pay Inheritance Tax and it is important that you do not miss these deadlines.

Closing down the assets of the estate

Once Probate is granted, you can use this to close the estate assets. You should pay the proceeds of closure into an executors bank account. Where you appoint solicitors to help you administer the estate, the assets can be paid into their client account for the estate, so you will not need to open a separate bank account.

Repaying liabilities of the estate

There is a strict order in which the liabilities must be paid. The funeral is always the first liability to be paid. It is important to repay liabilities in the correct order – if there is not enough money in the estate to repay all of the liabilities, executors can become personally liable to the creditors of the estate.

Dealing with tax affairs

The executor will need to ensure that all Inheritance Tax due is paid, and receive clearance of the Inheritance Tax affairs from HMRC. They will also need to consider income tax for the deceased up to the date of death, and during the administration period. Capital Gains Tax might apply if the estate sells certain property like a house or investments at an increase from the date of death value. In all cases it is recommended to obtain tax clearance from HMRC before making final payments to the beneficiaries.

Distributing the estate to the beneficiaries

The executors are responsible for accounting to the beneficiaries. They need to locate and confirm the identity of the correct beneficiaries. Or they may decide to make interim payments to the beneficiaries, depending on the complexity of the estate. They should pay out specific gifts of money or personal belongings. The executorsshould keep a note of all steps they have taken to administer the estate. They should keep details of all financial information, and prepare Estate Accounts. When all the financial aspects have been finalised and tax affairs are complete, the executors should share the Estate Accounts with the beneficiaries of the estate and pay over the final balances due to them.

What if I do not want to act as executor?

In some situations, you may decide that you wish to step aside. As long as you have not started taking steps to administer the estate (known as ‘intermeddling’) you are able to renounce your appointment. This requires you to complete a formal renunciation document. Once you have renounced, you have no responsibility for the estate. This is an important step as once you have signed the renunciation, you are not able to later change your mind.

How can WSP Solicitors help me?

You may be worried about taking on the role of executor and doing everything properly. You might feel the task is too onerous, or that you do not have time to deal with the estate. Where you are grieving the loss of a loved one, you may feel unable to face the administrative burden of dealing with all of the paperwork. In some situations, you could feel awkward about acting, particularly where relationships between the beneficiaries are difficult. As executor, you are able to instruct solicitors to administer the estate. The cost associated with this is payable by the estate.

At WSP Solicitors we aim to make life less complicated by taking the above steps on your behalf. Help advise you about the best way to proceed to ensure you are dealing with everything properly. Furthermore, we keep you updated about the steps we are taking, but ultimately the bulk of the work is then completed by us on your behalf. We offer a fixed fee estate administration service to give you certainty and avoid nasty surprises with costs down the line.

We’re here to make the executor process easier for you. If you have any questions about your responsibilities or estate administration, reach out to us. You can email us at contact@wspsolicitors.com, use the enquiry form on the side of this page, or give us a call at 01453 847200. We’re happy to help!