What are the powers, duties and responsibilities of an Executor?

An Executor is someone appointed in a Will and they are required to handle the deceased’s estate after they have passed away. The Executor will be legally responsible to undertake many tasks to ensure that the deceased’s wishes are carried out in accordance with their Will. These tasks include: 

• Registering the death
• Arranging the funeral 
• Notifying necessary organisations of the death
• Valuing the estate 
• Paying any liabilities and calculating taxes (including inheritance tax if payable)
• Applying for a Grant of Probate 
• Collecting all assets of the estate
• Dealing with property
• Liaising with HMRC to finalise estate taxes
• Distributing the estate to people named in the Will
• Creating and maintaining estate accounts

Executors can claim back reasonable expenses incurred whilst carrying out their role from the estate, so they will not be required to use their own money. However, it can be very time-consuming. 

Do Executors have to act?

An Executor named in a Will is not under any legal obligation to take up the role and there are three options available to them depending on the level of involvement they want. They can choose to have powers reserved to them, renounce their role or appoint an Attorney. These options are explained in more detail below. 

Powers Reserved

By reserving power, the Executor confirms they will not be taking up their role in dealing with the estate at present. However, they do not completely give up their appointment and can step back in at a later date, for example if the initial Executor dies or is unable to act. If an Executor wishes to be reappointed, a separate application will need to be made to the Probate Registry.

This option is often used where there are multiple Executors named in the Will and it is not practical or desirable for them all to be involved in the administration of the estate. There must be another executor appointed so that they can administer the estate.  

An Executor who is also a beneficiary under the Will does not lose their entitlement under the Will if they chose to have powers reserved to them.

Renouncing the role 

An Executor can step down completely by signing a Deed of Renunciation which means they will have no part in dealing with the estate either now or in the future. This option should only be considered when an Executor wishes to have no involvement whatsoever with the estate. A Deed of Renunciation cannot be reversed and so an Executor must be certain that this is the step they wish to take. 

Renunciation may not always be possible. If an Executor has already begun to deal with the estate – known as ‘intermeddling’ – they must continue to do act, unless they are subsequently unable to for any reason.

An Executor who is also a beneficiary under the Will does not lose their entitlement under the Will if they chose to renounce their powers. 

Appoint an Attorney 

The final option is for an Executor to appoint an Attorney to act on their behalf. The Attorney is usually a solicitor or other third party. This often occurs either when an Executor does not want to act themselves, but there is no one else who can take on the role, or because they believe that an expert should be involved in the estate, perhaps due to its complexity. It is also common for an Attorney to be appointed when an Executor knows there will be disputes within the family.

The result is that the Executor completely delegates their functions to the Attorney. If an independent professional is appointed, they can ensure that matters are dealt with in accordance with the law and that everything is carried out correctly.  

If there is more than one Executor, they all need to appoint an Attorney (it need not be the same Attorney appointed for each Executor). 

Benefits of Appointing Williamsons 

Williamsons act can as Attorneys or, if the Executor wishes to have some involvement, we can simply deal with the day-to-day administration of the estate on their behalf.  The benefits are:

Specialist Expertise

• Dealing with an involves considering a variety of often complex aspects, including investments, tax affairs and property. Williamsons specialise in Wills, Trusts and Probate matters so will ensure the Estate is administered appropriately and efficiently. 

Personal Liability and Stress

• The burden of becoming an Executor can sometimes be too much for an individual; especially when they are grieving. The stress can also be overwhelming, especially as the Executor is personally liable for any claims brought against the Estate. Appointing a solicitor removes this personal liability and reduces the stress for loved ones at an already difficult time.  

Impartiality 

• Difficulties can arise as it is common for tension to build up amongst family and friends. Appointing a professional Executor will ensure impartiality and fairness whilst administrating the Estate as it is our job to remain objective.

How Williamsons can help

If you make your Will with us, we will discuss the appointment of executors with you so that you chose the right people. You can also appoint Williamsons as your executors if necessary. 

If you have been appointed as an executor and are unsure of your options, we can discuss these with you in more detail with you.