You’ve been named executor of an estate
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 applicable)
- Valuing the estates assets and calculating a final total value for the estate
- Making an application for probate and obtaining a grant
- Identify and calculating any inheritance tax liability
- Corresponding with HMRC to ensure any outstanding tax is settled
- Paying off any debts the deceased may have had
- Distributing the estate according to the wishes in the will or the Laws of Intestacy
If you are made executor of an estate and you do not want to act you can renounce your role. This means you give up all authority to handle the estate and will no longer be able to participate in the administration. You cannot retract your renunciation. If you choose to renounce you will need to make this decision before administration takes place. If you have already taken actions that are the responsibility of an executor, known as Inter meddling, then you will be unable to renounce and will need to complete the administration of the estate. If you do not complete your role, you can be held personally liable by the court.
If there is more than one executor of an estate, You can apply to have ‘power reserved’. This basically means if there is other executors you can hand the responsibility to them but can take over if you feel they are not performing well with task they have been given.
We can advise you on what to do next. Give us a call and we can help you get the probate process started. We offer low cost fixed fee probate quotation and what we quote is what you pay.
More info on executor duties