An executor is a person or persons named in a last will and testament that will take responsibility for ensuring all financial matters are resolved and the wishes expressed by the deceased are carried out. This role can be time-consuming, complex and stressful, so knowing what is expected and preparing for it in advance can help make the task a little easier.
Several executors can be appointed in any single will, and they can be beneficiaries of the will, close relatives or other members of the family, or professionals such as solicitors appointed to the role. Many people appoint a minimum of two executors – often one from the family and one professional – who can act together, or alone in the event that one is unable to carry out their duties at the time.
Dr Edgar Paltzer specialises in estate planning and inheritance as part of his legal practice. The PDF attachment contains some advice on when to use a probate specialist rather than a family member or friend as an executor.
Sole and Joint Executors
Where there is only one executor of an estate appointed, they will be solely responsible for ensuring the instructions left in the will are carried out and the estate of the deceased is divided according to their wishes once all financial liabilities have been covered.
Where a sole executor is named, the will might also name a replacement executor, but they would only take over if the sole executor stepped down – they would not work together.
Where joint executors are named, they each have equal responsibility and work together to administer the estate. Named executors can choose to step down and renounce the role; being named in a will is not a legally binding requirement. Most people discuss matters prior to death with the person or people they wish to name as executors to prevent this from occurring.
Some sole executors instruct probate specialists to help them with the legal, tax and administrative duties. These duties are detailed in the embedded infographic.
Executor Responsibilities
The executor has a series of responsibilities which must be carried out following the death of the person who appointed them, so accepting the role requires being able to offer a time commitment.
While there are options for stepping down at most points after being written into a will, once an executor has started the process of dealing with the estate, they will usually not step down except in cases where they are forced, because they are overwhelmed or overly negligent.
The executor may be responsible for registering the death – some advice on this is included in the short video attachment.
The next job is gathering all the assets of the deceased, including property, money and other assets, and ensuring they are secure. Any outstanding debts and taxes must then be paid out of the estate before any inheritances can be passed on. Once all debts are covered, the executor is responsible for ensuring the correct assets go to the correct beneficiaries as named in the will.
They may also be responsible for making the funeral arrangements if this has been tasked to them in the will. Spending time with the person writing the will before they pass away can help to ensure that the executor fully understands their wishes and is ready to embrace the role when required.