What does Executor mean? Executor means, or refers to, a job role that involves administering the estate of someone who has passed away. An executor is the person named in the will who has the responsibility of dealing with the deceased’s estate. They are also responsible for applying for a Grant of Probate if required. Their role is to collect all of the assets, pay liabilities and distribute the estate to the beneficiaries. What does a Beneficiary mean? Beneficiary means, or refers to, a person who has been left something (cash or possession) in a Will. A beneficiary does not… read more →
What happens when an executor dies depends on several factors. The executor’s role is to deal with things for the deceased and in particular their estate. Since a Will may be written many years before the testator’s death, it is possible that the executor named in the will might have died before them. The question arises what happens in this situation? Where the executor dies before the testator and before probate has been granted it is usual for the beneficiaries receiving the largest share of the estate to take over the deceased executor’s responsibilities. There are a set of rules… read more →
Executors should avoid withdrawing any funds from the deceased’s bank account even if they have a signed check or debit card with pin. They should inform the bank as soon as possible that the account holder has passed away and provide a copy of the death certificate. The deceased’s bank accounts are part of their estate and will either be paid directly to the executor or frozen awaiting a grant of probate. There is one exception, the money to pay for the funeral. This can be accessed immediately by obtaining an invoice from the funeral director and sending it to the deceased’s bank. Executors should not allow the attorney/representative… read more →
A trust is a way of managing assets, movable (savings, investments) or immovable (land, property), for the benefit of a third party, the beneficiary. It is a legal and financial arrangement which can be used during a person’s life, or as a tool to help manage their affairs once they pass . Tax implications should be discussed with an estate planner or a financial adviser prior to taking action. The parties involved in this relationship are: -The settlor: the person who decides which assets to include in the managed fund and how these should be used. The document which sets… read more →
In short, the executor has a year in which to deal with the deceased’s estate. Beneficiaries are always keen to receive their legacies as quickly as possible, but the executor is not bound to distribute the estate before the expiry of one year from the date of passing. The executor’s year is meant to give ample time for all assets and liabilities to be properly identified and to ensure everything is in order before the estate is distributed to the beneficiaries. If the executor takes longer than a year to administer the estate the beneficiaries are entitled to interest on… read more →
I’m very dissatisfied with my executor! Some thoughts before removing them. Before removing an executor some consideration should be given to whether they are in fact carrying out their duties. These are outlined in what is called “The Executors Oath” which is to be found at section 25 of the Administration of Estates Act 1925. In practical terms their role is to gather in the estate of the deceased, obtain probate or letters of administration if required and administer the estate by paying all creditors and distributing it to the beneficiaries. Executors/personal representatives have a duty to act in the… read more →
It can sometimes come as a surprise to find that you have been named as the executor of a persons Will or you may have been aware but are now unable or unwilling to act. What is the role of an executor? An executor is responsible for the administration of the estate of a person who has passed away. This can include a variety of tasks including contacting any institutions involved, applying for probate and distributed the estate according to the wishes in the Will. Depending on the type of estate the complexity of this job can vary dramatically. Estates… read more →
What is a caveat? A caveat is a legal document that details a warning that a set of specific stipulations, conditions or limitations have been put in place. In relation to probate, a caveat is a notice that certain actions cannot be taken without the person who has placed it (the Caveator) being informed. It is used to prevent further administrative actions being taken until any disputes have been resolved. What affect does it have on an application for probate? A caveat will stop an application for a grant of probate from going ahead for a period of 6 months.… read more →
What is a letter of wishes? A letter of wishes is a non-legally binding expression of the testator’s personal wishes. It can include requests relating to the testators funeral, possessions or estate administration. A letter of Wishes is in addition to a legally binding Last Will and Testament. It is often used to supply supplementary information to the instructions provided in the Will. What is a letter of wishes used for? Providing instructions for your funeral arrangements This could be your wishes in regards to Burial or cremation, location, decoration or wake. Providing instructions on how you wish for certain… read more →
What is an executor? An executor can be a family member, friend or institution (e.g. solicitor or bank). The testator appoints who they want to administer their estate upon their death in their Will . The executor has the legal authority to handle the deceased’s assets and apply for probate. As well as the responsibility of distributing the estate to the beneficiaries named in the Will. In the case where the deceased left no will, the law dictates who is entitled to become the “Administrator”. The administrator is decided by the “Rules of Intestacy”. These rules place the next… read more →
The role of executor can be a time consuming, complicated and stressful job so it is not uncommon to feel that you should receive some compensation for taking on the work. However executors are not automatically entitled to be paid to be the executor or for their time spent in administering the estate. When can a non-professional be paid to be the executor? An executor that is a family member, friend or any other non-professional is not entitled to be paid for administering the estate. However an executor can also be named as a beneficiary of an estate. The testator… read more →
What is an executor and what do they do? An executor is a person named in the Will by the testator with the legal authority to administer the estate upon their death. The executor has the responsibility of ensuring that the assets are administered according to the law and according to the wishes in the Will. It is the executor’s job to protect the estate in the interest of the beneficiaries, manage the administration and apply for probate (if applicable). Every estate is different and some estates are easier to administer than others so it’s important to choose an executor… read more →
The information in this post is referring to Law in England and Wales and therefore is not applicable to the Inheritance procedures of other countries. We’ve all seen the movies, a millionaire businessman passes away and his Will is read out, normally in an extravagant library on a stormy night, to a room of suspicious looking individuals all hoping for a cut, only to discover that he’s left his entire estate to a loyal employee causing uproar in the room. Just like the movies a reading of the will is fiction. There is no such thing as a “formal reading… read more →
Who can be named as an executor? A testator (the writer of the will) may choose whomever they want as the executor of their Will, in most cases the executor will be a family member, close friend, solicitor or bank. It is recommended to choose family and friends over professional executors, read more about why here. The testators chosen executor will be named in their will and upon the testators death will have the legal authority to apply for a grant of probate. It is common for 2 executors to be named in a Will, however there is actually no… read more →
Executors often do not realise how time consuming probate can be and underestimate its complexity. Executors often do not release the extent of their personal and financial liability when administering an estate when they start the process and this can be a shock later on when something goes wrong. When you have been given the responsibility of being an executor it is important to understand what your role involves, what your duties and responsibilities are and how it will affect you personally. Once you have fully understood the work involved you can make an informed decision as to whether you… read more →
According to the government website you should review your will every 5 years. With 59% of British adults not having a will you may think just by having one you’re doing well. However it’s just as important to have an up to date will as it is to write one in the first place, so if there already is one how do i make changes to my will? If you have gone through some major life changes it’s important to ensure you change your will to reflect your new circumstances. Having an out of date will can cause complications in… read more →
DIY will friend or foe? “Nearly 60% of adults across the UK have not written a will” according to research done by Unbiased.co.uk and explained in an article by this is money. This means that 60% of British adults are leaving their estate to be handled under the governments Rules of Intestacy. In some cases this can leave your loved ones unaccounted for or spark family disputes, if your still not convinced have a read of our blog post do I need a will? So in order to ensure your Estate is handled the way you want means it’s about… read more →
What is a will? Do I need a will? Yes! A Will is a legal document expressing your wishes in regards to the distribution of your estate including property and other assets. It should set out who you want to manage your estate (the executor), who you want to benefit from your estate and what happens if your beneficiaries were to die before you. It also sets out your wishes regarding the care of children who are still minors. Why do I need a will? It is important to have a will to ensure your estate is distributed according to… read more →
What to expect from a DIY Last Will & Testament kit A ‘Last Will & Testament’ kit by Lawpack in a local branch of WHSmith has a ‘save £5’ sales banner and is reduced to £20. How can I resist this bargain? Opening the kit, the first impression is one of disappointment. A double-sided A4 sheet of paper rather than goatskin parchment i expected to be provided to record my dying wishes. However the accompanying 64-page will kit guidance manual is straightforward – though a bit of a chore to read. It includes a few handy examples (half the guide was… read more →
Probate is a word you may commonly hear when discussing the estate and affairs of a deceased person. The word itself comes from the Latin verb probare, meaning to prove, test, or examine something. Probate is the legal process whereby a will is proved in a court of law as a valid document and made as the public record of the deceased. What this means is that the executor of the deceased’s estate must show to the court that all steps have been taken to pay the Crown or creditors any taxes or monies owed, as well as, delivering the… read more →
What is an executor account? An executor account is a special banking account that enables the estate’s executors/administrators to gather all of the deceased’s cash assets in one place. The deceased’s assets will be collected at different points throughout the administration of the estate and will be held in the executors accounts until all of the assets have been collected and are ready to be distributed. Executors can access the funds in the account during the administration of the estate but only for costs associated with the estates administration these can include paying for funeral arrangements, probate and administration costs… read more →
Dealing with a will Being named as the executor of an estate can feel like a daunting task as you are entrusted with many responsibilities and have duties you must perform to ensure that the estate is handled correctly according to the law. We know that the process can be overwhelming so here we go through the first important steps of the estate administration, which starts with dealing with a Will. Obtaining the will If the will is lodged in the bank. the executor has to sign for it or acknowledge its safe receipt in writing if it is sent… read more →
There’s no such thing as a free lunch now is there? It’s unlikely when a company offers you free wills that it actually comes for free… Free wills in my opinion are a thing of myth and legend. That’s because more often than not what can seem to be free comes at cost later down the line. Free wills are often toted by solicitors during ‘free will week’ or are given away by charities but if you look a little closer its not hard to find the catch. The charitable free will often features a clause to leave a gift… read more →
Whilst the thought of writing a will may not be particularly enjoyable, it is certainly worthwhile, an expert has suggested. Speaking to nebusiness.co.uk, probate specialist for high-wealth individuals Helen Tavroges advised that despite many people opting to put off writing a will, doing so could mean that the people you want to give your estate to could be left without a penny. Acknowledging that by dying intestate, a person’s estate will not go to step-children or live-in partners, even if they wanted it to, Tavroges suggests that families should for get about it feeling awkward or unpleasant and just do it… read more →
Are you fully prepared for retirement, Have you thought about what could happen? You need to Plan now Not later. New stats below show. Do you have anything in place to make sure those closest to you are looked after later on in life? In May 2012, the BBC reported that of the 29 million people employed within the private sector, only 3.2 million of those employees contributed to a workplace pension. The same report also stated that the number of individuals making use of company pension schemes has halved since 1991. Thanks to modern lifestyles and advances in medicine,… read more →
DIY wills can make your life very complicated if not written properly, It’s very advisable that you look into getting a professional will. Generally people know why we should all make a will, but while the idea itself is quite simple in theory, making sure that it is done properly is very important. While you want to make certain the right people are identified in your will, it often happens that it is not done in the right way. Especially if it is a do it yourself will or a will prepared by an unqualified unprofessional and often uninsured will… read more →
What is Estate planning Nobody wants to spend too much time thinking about death, but the importance of proper estate planning is paramount to the people in your life who you will leave behind. It may sound morbid and slightly daunting, but some simple pre-planning will make your passing a little easier for your family and friends once you are gone. So what is Estate Planning? Estate planning put clearly is arranging your assets so that the people you wish to benefit from your passing do so, and aren’t left with nothing. Your assets can be anything that you own… read more →
If you are reading this then you have just found out that you’ve been named executor of an estate. What does this mean for you? Being named as an executor of an estate, also referred to as a “personal representative”, doesn’t have to be a daunting task. If you get yourself organised from the start the process can run very smoothly. As the executor of an estate you are responsible for the administration, protection and distribution of the estate. The administration of an estate can involve; Gathering information about the deceased’s assets Protecting the estates assets while subject to probate (if… read more →