Executors For Your Estate
When you make your Will you will be asked to name Executors for your estate. For most people this will be their children or family members. The Executors are legally responsible for administering your estate in accordance with the terms of your will and crucially, the law.
An executor has significant responsibilities. When someone dies if you are named as they’re executor you are automatically responsible for estate administration. However, in order to obtain official authority to deal with their assets, you will probably need to apply, through the courts for a grant of probate.
The executor will then collate a full picture of the value and extent of the estate. If inheritance tax is payable it will need to be paid if not in full then in part. They can then collect in all assets, pay any debts and distribute the remaining.
Oh, and executors are personally liable for any mistakes made, unpaid tax, incorrect distributions, missed debts, anything. Meaning that HMRC, you’re beneficiaries or those wishing to collect monies owed will expect payment in full from your executor(s).
So, as you can see the role of an executor brings with it complicated, difficult and time-consuming duties that some may find overwhelming. Particularly, at what will be a highly emotional and stressful time.
With that in mind, if you feel your executors may need some help when dealing with these complicated responsibilities, Belvedere Wills & Estate Planning can provide advice on all aspects of the Executor role. Your executors will still be obliged to carry out the duties themselves, we will just provide a little support when they need it.
We also provide a full estate administration service, which would remove all responsibilities from your Executors.
Full Estate Administration
Typically when an individual makes a Will they will name an Executor(s) who, upon their death will take over as administrators for the Estate. Meaning they will be tasked with collecting up all the money, property, possessions and other assets, paying off any debts and inheritance tax, and distributing the estate to the beneficiaries.
Being an Executor is a legally binding role which subjects the individual to a lifetime liability both legally and financially for all actions undertaken on behalf of the deceased estate. The role is varied and will probably involve; making a grant for probate application, dealing with HMRC, calculating the value of the estate, completing court papers and inheritance tax forms. If the estate is large or complex OR it is likely to any dispute the Executors role becomes even more onerous.
In summary, the role of executor should not be undertaken lightly, it is complex and time consuming, can be incredibly daunting and is usually thankless. And, if the Executor is a member of the family this all comes at a time of emotional distress.
Hughes Probate Services
I have a trusting relationship with Julie Hughes of Hughes Probate Services who can help with all aspects of probate.
Get In Touch
Belvedere Wills & Estate Planning are able to offer a full estate administration service to those who would prefer to pass responsibilities over to the professionals to deal with things when the time comes.
For more information on our full estate administration service please contact us.