We are once again honored and pleased to announce our second guest blog topic from the Kings Court Trust. Their first guest topic regarding probate was extremely insightful, helpful, and useful for our blog and readers.
Probate was a long hard road and journey for my sister and I. It was a truly life-changing experience this is why we welcome information on how things have changed and are now done since we went through it ourselves…..
Please see Guest Blog Topic by The Kings Court Trust: Duties of a Will Executor which covers:
- Introduction to the topic
- What are the duties of an Executor of a Will in the UK?
- What are the duties of an Executor?
- Identifying and valuing the assets and liabilities of the estate
- Obtaining the Grant of Probate
- Paying any debts and taxes owed by the estate
- Dealing with funeral arrangements
- Securing and maintaining the assets of the estate
- Keeping accurate records of their actions and decisions
- Distributing the estate according to the terms of the Will
- What are the qualities of a good Executor?
- Conclusion
- Who are Kings Court Trust?
- Grief Probate Journey YouTube Video
© Copyright 2019 Grief Probate Journey Blog
1. Introduction to the topic
We are once again honored and pleased to announce our second guest blog topic from the Kings Court Trust. Their first guest topic regarding probate was extremely insightful, helpful, and useful for our blog and readers.
Probate was a long hard road and journey for my sister and I. It was a truly life-changing experience this is why we welcome information on how things have changed and are now done since we went through it ourselves.
2. What are the duties of an Executor of a Will in the UK?
An Executor is the person responsible for carrying out the instructions in the Will. Being an Executor is an important and often complex role that involves various legal and practical duties.
In this article, we will explore the main duties of an Executor of a Will, including obtaining the Grant of Probate, identifying and valuing the assets of the estate, paying any debts and taxes owed, and distributing the estate according to the Will. We will also discuss the qualities that make a good Executor.
3. What are the duties of an Executor?
When a person creates a Will, they will usually appoint one or more Executors to carry out their wishes after they die. The Executor’s primary duty is to administer the estate and distribute the assets according to the instructions in the Will. However, the role of an Executor is much more complex than that, and there are several legal and practical duties that they must fulfil.
4. Identifying and valuing the assets and liabilities of the estate
The Executor needs to identify and value all the assets and liabilities of the estate. This may include property, investments, bank accounts, personal possessions, and any debts owed by the deceased. The Executor must keep accurate records of all these assets and liabilities, as well as any income or expenses related to the estate. These values will need to be available for the Probate Registry to obtain a Grant of probate.
5. Obtaining the Grant of Probate
The first duty of an Executor is to obtain the Grant of Probate (can also be known as a Grant of Representation) from the Probate Registry if it is required. This is a legal document that confirms the Executor’s authority to administer the estate. To obtain the Grant of Probate, the Executor must provide the original Will (if there is one) and a death certificate. If there is Inheritance Tax to pay, a completed Inheritance Tax form will need to be submitted to HM Revenue & Customs (HMRC) at least 20 days before applying for probate.
A Grant of Probate is not always required; it depends on whether the individual was married, how their assets were owned, and whether the value of bank accounts exceeds the probate thresholds of the relevant financial institution(s).
6. Paying any debts and taxes owed by the estate
The Executor must then pay any debts owed by the estate, such as funeral expenses, outstanding bills, and any taxes owed to HMRC. If the estate is subject to Inheritance Tax, the Executor must calculate the amount due and pay it to HMRC within six months of the deceased’s death. Inheritance Tax is currently 40%, and this is only applied if the deceased person’s estate is worth £325,000 or more.
7. Dealing with funeral arrangements
In addition to the legal duties, the Executor may also have some practical responsibilities, such as arranging the funeral of the deceased. This may involve liaising with funeral directors, family members, and other relevant parties to ensure that the funeral is conducted in accordance with the deceased’s wishes and within a timely manner. There may also be some funeral wishes of the deceased in the will.
8. Securing and maintaining the assets of the estate
Another practical duty of the Executor is to secure and maintain the assets of the estate until they can be distributed. This may involve ensuring any property or valuables, maintaining any investments or businesses, and ensuring that any personal possessions are kept safe and secure.
9. Keeping accurate records of their actions and decisions
Throughout the administration of the estate, the Executor should keep accurate records of their actions and decisions. This includes keeping receipts, invoices, and bank statements, as well as maintaining a log of all correspondence and meetings with beneficiaries, legal professionals, and other relevant parties. The final value of the estate must also be recorded. These records (known as estate accounts) may be required to support the Executor’s decisions or actions, or to demonstrate that they have fulfilled their duties properly.
In summary, the role of an Executor is a complex and demanding one that involves various legal and practical duties. From obtaining the Grant of Probate to distributing the assets of the estate, the Executor must ensure that all their actions are carried out diligently and in accordance with UK law.
10. Distributing the estate according to the terms of the Will
Once all the debts and taxes have been paid, the Executor can distribute the remaining assets in the estate according to the instructions in the Will. The Executor must ensure that the assets are distributed fairly and in accordance with UK law and regulation. It is important to note, if the Executor needs to transfer property to a beneficiary, they must update the property register with HM Land Registry. Furthermore, if there are any disputes or disagreements among the beneficiaries, the Executor may need to seek legal advice or mediation to resolve them (this is known as contentious probate).
11. What are the qualities of a good Executor?
Being an Executor is a challenging role that requires a range of skills and qualities. Some of the key qualities that make a good Executor include:
1. Responsibility: An Executor must be responsible and able to take charge of the administration of the estate. They must be able to make important decisions and act in the best interests of the beneficiaries.
2. Organisation: The role of an Executor involves managing a lot of information and paperwork. A good Executor must be organised and able to keep accurate records of all their actions and decisions.
3. Communication: An Executor must be able to communicate effectively with all relevant parties; they must be able to explain their decisions and actions clearly and concisely.
4. Attention to detail: The role of an Executor requires a high level of attention to detail. They must be able to identify and value all the assets and liabilities of the estate and ensure that all debts and taxes are paid correctly, as there can be serious repercussions for missing these aspects of the estate administration process. An executor is personally liable for any incorrect tax calculations with HMRC or wrongful distribution to beneficiaries.
5. Time management: Administering an estate can be a time-consuming task. A good Executor must be able to manage their time effectively and prioritise their tasks to ensure that the administration of the estate is completed in a timely manner.
6. Diplomacy: The distribution of assets can be a sensitive issue, and there may be disagreements or disputes among the beneficiaries. A good Executor must be able to handle these situations diplomatically and find a fair and equitable solution for all involved.
7. Legal knowledge: While it is not essential for an Executor to have a detailed knowledge of the law, they must have a basic understanding of the legal principles involved in the administration of an estate. It is also important for an Executor to seek professional advice and guidance where necessary.
12. Conclusion
In conclusion, being an Executor of a Will is a significant responsibility that comes with a range of duties and obligations. The Executor must be prepared to take on a wide range of tasks, from valuing the assets of the estate to distributing these assets to the beneficiaries. It is crucial that the Executor is organised, responsible, and has good communication skills to ensure that the process runs smoothly and efficiently. A lay executor cannot charge for his time to carry out all of this work but they are able to claim reasonable expenses, such travel to and from the deceased property.
The role of an Executor can be challenging, but it is also rewarding. By fulfilling their duties, Executors can ensure that the wishes of the deceased are carried out and that the beneficiaries receive what is rightfully theirs. If you are named as an Executor, it is essential that you understand your duties and responsibilities and seek professional advice and legal guidance where necessary.
13. Who are Kings Court Trust?
Kings Court Trust is a professional provider of probate and estate administration services, delivering comprehensive support to families in need.
With a team of experts on hand, we can help with obtaining a Grant of Probate, navigating complex legal and tax requirements, and everything in between. In full estate administration cases, we can take on all of the work involved and relieve you of the complicated paperwork and legal tasks.
14. Grief Probate Journey YouTube Video
Grief Probate Journey 