Acting as an Executor in an Estate.

Acting as an executor for someone’s estate may entail more than you first think. Read on for some helpful guidance as to where to start.

Being an executor is an important role and carries serious responsibility. If you have been appointed as an executor in someone’s will you should understand the role, and be willing to take on the responsibility of acting as an executor before starting to act.

Key points to help ensure a smooth estate administration process

An executor should have good organisational skills to help things run smoothly from the beginning. You should think about the steps that will be required, and ensure you are prepared for each part of the process.

Solicitors know how to run an estate and instructing a solicitor to deal with the day to day administration can help to relieve the pressure, this will also allow you to focus on dealing with your grief if someone you love has died.

Firstly, it is important to establish that you have the correct will and any other legal documents. You should carry out a thorough search of all the deceased person’s paperwork and contact any solicitors, or third parties, who you believe may be holding a will for the deceased, to ensure you have the most recent documentation to work from.

If you have limited knowledge of the deceased’s affairs, it would be prudent to carry out a Certainty Will Search, to check if a will has been registered with The National Will Register.

Once you have established you have the correct will, you’ll need to be clear you understand its contents, and the relevant laws for dealing with the will and estate. If you are unclear it would be prudent to contact a solicitor, as you could be personally liable if the law is misapplied or misinterpreted. Ignorance is not a defence to a mistake made by an executor when they could have sought legal advice.

It is important to communicate with others who may be involved in the estate; this could include co-executors, beneficiaries and/or family members. An executor is required to be open and honest and in doing so, it may help prevent or minimise any potential disputes. If a dispute does arise, then it is important to remain neutral and seek legal advice.

You will need to keep a list of all the assets and liabilities that the deceased had at the date of their death. You will need to contact all the financial institutions the deceased held accounts with and obtain accurate date of death balances. You will also be required to obtain professional valuations for property, as well as personal items such as jewellery.

It is essential you make sure any property or vehicles are insured and secure, so that if any damage occurs you will not be personally liable for this. Property should also be checked regularly to ensure no damage or loss has occurred. One of the requirements of the insurance policy is likely to include that the property be checked at regular intervals. You should document your visits to demonstrate that you have checked the property.

Remember that estate administration takes longer than you think and you will need to be patient. You are reliant on other institutions providing you with the required information, and their timescales are out of your control. It is far more important that you carry out a thorough and accurate job, rather than rushing through it and making mistakes.

You will need to ensure you account for any tax which may be due as again, if there are errors or omissions in reporting the estate and paying any tax due, you may be personally liable. You should bear in mind this may include filing income tax returns, or paying income tax or capital gains tax due for tax years prior to the deceased’s death, if the tax affairs of the deceased were not fully up to date when they died.

How can we help?

It is imperative that if you are acting as an executor, then you know the rules you must follow and commit fully to the position. If you are unsure about anything or would like some help dealing with the administration of the estate then solicitors can help you and relieve the burden, to ensure the estate is administered properly.

Please do not hesitate to contact one of our estate administration experts should you want, or need, advice.