An executor is an individual who has been appointed to take responsibility for dealing with a person’s estate in the event of their death. (An estate consists of everything an individual owns at the time of death including land and buildings, savings and investments and business interests).
By Michael Stockton Solicitor – Wills, Trusts, Tax and Probate, Slater and GordonWhat are the responsibilities of an executor?
Executors take on the responsibility of carrying out the deceased’s final wishes - including: Establishing any special directions by the deceased as to how they wish to be laid to rest Evaluating the size of the estate and the amount of any liability to inheritance tax Preparing the paperwork to lodge the will at court Collecting all of their assets Paying any outstanding debts Identifying the beneficiaries and the nature/extent of their entitlement Distributing the estate in accordance with the terms of the will Paying any final income taxes Who is usually chosen as an executor of a will?The executor of a will can be anyone willing to take on the responsibility of handling it including friends or family members. It can also include a solicitor which is particularly useful where disputes within the family may arise.
If a spouse or civil partner is appointed as executor and the marriage or civil partnership ends, unless otherwise stated within the will, the appointment no longer takes effect (as they are treated as if they died on the date the marriage or civil partnership ended).Why do I need an executor of a will?
If a will does not appoint an executor, the law sets out who is entitled to apply, which is generally then one of the beneficiaries. In some cases it is necessary for the Court to appoint someone.There is a list of priorities a court will take into consideration when appointing this person and it could result in being an individual the deceased would not have chosen.
How do you appoint an executor of a will?Executors are appointed by stating their name in a valid will. Before appointing the person in the legal document they should be notified to make sure that they are happy to be appointed and that their contact details are up to date.
What can I do if there is a dispute over the executor of a will? A solicitor can help to try and resolve a dispute informally, keeping it out of court. If disputes cannot be informally resolved then executors may apply to the court for directions.The court has the power to revoke or issue a grant in favour of one executor over the other.