It’s easy enough to die, the rest is where the trouble lies. The dead person is referred to as “The testator”, without a will, the personal representative is called “The Administrator” and with a will, the “Executor”.
The executor of anyone’s last will and testament is pretty scary – my Executor has to make sure that my last wishes are granted with regards to the disposition of all my assets, property and possessions (estate). They are accountable for any mistakes made.
“Being named as Executor in a Will can bring with it complicated, difficult and time-consuming duties which often take up to a year to complete.
It is crucial to get everything right because the Executor is legally responsible for administering the estate in accordance with both the terms of the Will, and the law. An Executor is responsible for everything they do or fail to do, in respect of the estate.
Acting as the Executor of a Will can be a very daunting prospect because the role carries with it a considerable amount legal, tax and administrative responsibilities. An Executor’s responsibilities last for the duration of the administration of the estate and can also carry on into any ongoing Trust.”
–Co-op Legal Services
The law requires that every Executor act in good faith to fulfil their duties with the utmost honest and diligence (fiduciary duty). The Executor is not entitled to any proceeds, but can charge a fee.
My Administrator or the Executor of my will is responsible for making sure that any debts and creditors that I might have at the time of death are paid off, including fees, charges, taxes and the cost of my funeral – and then that any remaining money or property is distributed according to any wishes I may have stipulated in my will/ trusts.
I don’t think dying intestate is the best option, so I need to draw up a will and think of someone to be my executor.
I have rooted about online, and it seems quite onerous to be an Executor. I wouldn’t fancy the job!
- First of all, they will have to decide whether court is required to prove that the will is valid;
- Then they have to apply to the court for the Grant of Representation – which is the confirmation of legal authority to administer the estate.This is called the Grant of Probate (but if there is no valid Will, this is called Letters of Administration).
- Then they have to find all my assets somehow;
- They usually have to set up a new special bank account in the name of the estate to make paying off debts to creditors easier;
- The funds in the estate’s bank account can be used for making mortgage, insurance and other recurring payments that need to be paid during the administration of the will. They are in charge of all that;
- Keep estate accounts;
- They have to keep all my assets safe until the will is executed;
- They have to identify and deal with any valid claims against the estate.
- Then they will have to decide which of my assets should be sold to be divided up among the beneficiaries;
- They have to complete and submit the Inheritance Tax (IHT) return and pay any Inheritance Tax owed;
- Complete the relevant Income Tax and Capital Gains Tax returns and pay any outstanding tax owed;
- They would have to find – and contact – all the people named in my will to tell them and then to make sure they get their inheritance;
- They would have to find all my investments, bank accounts, credit cards, memberships, accounts, state benefits, etc – and cancel/ notify them all of my death – and settle everything;
- Property that is given through a will should be given as it is recorded. However, if there is other property that is not named in the will, the executor needs to check with a lawyer about what the law states should happen.
This is a LOT of work – and it’s responsible and serious, even with a guy like me with simple affairs. I don’t know if it is the best idea to burden my widow with all that as well as funeral arrangements, grief and dealing with family during bereavement.
“Anyone aged 18 or above can be an executor of your will. There’s no rule against people named in your will as beneficiaries being your executors. In fact this is very common.
“Many people choose their spouse or civil partner or their children to be an executor. But that doesn’t mean they have to write them out of the will.
“Up to four executors can act at a time, but they all have to act jointly so it might not be practical to appoint that many people.
“It’s a good idea, though, to choose two executors in case one of them dies before you do. For example, you might choose one family member and one professional, like a solicitor or accountant.
“Professional executors tend to charge, but it can be helpful to have someone involved with specialist knowledge. You can appoint substitute executors to cover the situation if your first choice dies before you…
“Choosing a solicitor as one of your executors makes a lot of sense, especially if sorting out your things is likely to be complicated – they’re experienced at the job and know their way around legal, tax and property issues.
“If the financial side of your will is especially complicated, it could be a good idea to choose a bank or accountant as one of your executors.
“Of course, these professional specialists will charge you for their work. This happens in one of two ways:
- By sending a bill for their time when your things have all been sorted out
- By taking a share of the total value of your estate – this will be written into your will
“Make sure you understand how your solicitor, bank or accountant will charge for being an executor and how much each option will cost before you commit yourself.
“As a last resort, there’s a government official called the Public Trustee who will be your executor if there’s really nobody else who can do it.
“The most common situation where the Public Trustee will step in is if your will leaves everything to one person and that person can’t act as executor himself or herself – for example, a child or an adult whose disability means they are incapable of managing financial affairs.”
So far, it seems, I need to put on my thinking cap about who to appoint as Executors and Trustees. Just now I am leaning away from burdening my family. It may be additional cost, but perhaps a lawyer would be a good idea.
It seems to make sense at this time to have a lawyer on board to put together a will and perhaps also look at sharing the executor role and possibly act as a trustee too.