When you receive communication from a solicitor informing you that you have been named as an Executor of an Estate, there are essential responsibilities you should be aware of.
Key Responsibilities of an Executor
As an Executor, your primary duties include:
1. ‘Bury the dead’ or in other words Arrange the Funeral. Often, by the time you are notified, the funeral or cremation may have already been arranged, potentially relieving you of this responsibility.
2. Gather and secure the Assets: Your next step is to consolidate and manage the assets of the deceased.
It is crucial at the outset to determine whether you are the sole Executor or if there is a co-Executor. This is usually done to ensure continuity should one Executor be unable to fulfil their duties. If you prefer not to administer the Estate, it’s important to make this clear early on. Otherwise, any involvement, however minor, might obligate you to see the process through to its conclusion.
The Role of a Solicitor as an Executor
In some cases, a solicitor might be appointed as an Executor. This is typically done to ensure an impartial management of the Estate, especially useful in averting family disputes over the inheritance. As a neutral party, the solicitor’s goal is to wrap up affairs smoothly and equitably.
Distribution of the Will
The Executor also controls who receives a copy of the will. While beneficiaries are generally entitled to know only their specific bequest, opinions vary on broader distribution. Some Executors choose to provide all family members with a copy to prevent distress and ensure transparency, a practice we often recommend.
Legal Challenges and Executor Liability
Should there be disputes concerning the will, the Executor’s name will appear in any proceedings, though this does not affect their personal financial standing. Legal expenses incurred in these disputes are usually covered by the Estate itself.
Tax Considerations in Estate Management
Handling estate-related tax obligations, particularly with property and business transfers, requires careful attention. Executors are advised to consult with financial and legal experts to ensure all tax liabilities are properly addressed.
The Unpaid Nature of Being an Executor
Acting as an Executor is a duty performed out of respect for the deceased and is not a paid role, though any necessary expenses may be reimbursed. Therefore, it is advisable to appoint someone capable and experienced in managing either personal or business affairs.
If you require further guidance or have specific concerns about acting as an Executor, please do not hesitate to reach out for professional advice.
This overview aims to provide a clear and concise understanding of the duties and challenges faced by Executors, helping them navigate their responsibilities with confidence and care.