Having a well-prepared will is not only a sensible financial move but also a significant step in ensuring your last wishes are fulfilled accurately. A pivotal element in the successful execution of any will is the appointment of a reliable executor. Choosing the right person can help to avoid will disputes between beneficiaries after you die, and ensure that your last wishes are carried out to the letter. 

However, choosing the wrong executor can lead to errors in probate and cause the whole process to take longer. Following the death of a loved one, this is the last thing you’ll want, which is why it is important to understand what to expect of an executor, allowing you to deal with any issues efficiently.

In this guide, JMW’s Wills, Trusts, Tax and Succession Planning experts outline the various roles and responsibilities that an executor in the UK is tasked with.

What is an Executor?

An executor is an individual named in a will to administer the estate of the deceased person, who is known as the testator. Executors have multiple responsibilities including legal, financial and sometimes emotional obligations. The executor acts as the legal representative of the deceased, ensuring that the terms set out in the will are executed as intended. This means not only managing the estate, but the people connected to it.

Choosing an executor should not be taken lightly, as it’s vital to pick the right person or people. You'll want to select someone who is not only trustworthy but also capable of managing financial matters and navigating potential legal hurdles. An executor should be organised and have the time and willingness to deal with what can sometimes be a complex and lengthy process.

Many people choose family members to be their executors. However, it's also common to appoint professionals such as solicitors or financial advisors, especially if the estate is large or complicated. You can also appoint more than one executor if you wish, and allow them to share the responsibilities.

Duties of an Executor

The role of an executor is not one that should be taken lightly - it carries many legal responsibilities. Mistakes in administering an estate can leave the executor personally liable for any issues they cause and lead to family disputes or other serious consequences.

Following the death of the testator, the executor’s immediate responsibilities usually include making funeral arrangements. You may leave details about the type of funeral you desire in your will. They'll also need to register the death and get multiple copies of the death certificate, as these will be necessary for various legal and administrative tasks down the line.

Administrative Responsibilities

The executor must apply for a Grant of Probate, a legal document that gives them the authority to deal with the estate. Following this, they'll need to identify all of the enclosed assets, including property, bank accounts, investments and more. These assets must be valued correctly for the purposes of calculating Inheritance Tax liability. The executor must also ensure they are secure and well-maintained until distribution.

Financial Responsibilities

Settling the deceased's financial obligations includes paying off any outstanding debts, bills and taxes. If the estate lacks the liquid assets to cover these debts, the executor may have to sell some of the estate’s assets to fulfil these obligations. Additionally, accurate financial records must be kept throughout this process.

Distributing Assets

After settling all financial matters, the executor can proceed to distribute the remaining assets as specified in the will. This is often more than just a financial transaction; it can involve transferring property titles, distributing personal possessions, and ensuring that any specific wishes in the will are carried out to the letter.

Record-Keeping

Thorough record-keeping is vital throughout this process. Every transaction, asset sale or distribution must be carefully documented. This ensures transparency and could prove invaluable should any legal disputes arise.

Common Challenges Faced by Executors

Being an executor is not without its difficulties - one of the most common is dealing with contested wills. If a beneficiary or even someone not named in the will believes they have been unfairly treated or has reason to suspect the will is in some way illegitimate, they may decide to contest the will, leading to legal complications and delays.

Another hurdle often faced is the discovery of debts that were not known when the will was being executed. The executor has the responsibility to settle these debts from the estate's assets, which might necessitate selling property or other valuable items, sometimes at a loss.

If the will is not clear on how certain assets are to be distributed, or if beneficiaries dispute the valuation of assets, the executor will have to manage and resolve these conflicts. These disputes will sometimes require legal intervention.

Executors can also find themselves navigating complex family dynamics. Emotional tensions can run high following the loss of a loved one, and an executor may be put in a position where they have to mediate between family members while still impartially executing the will.

Additionally, there are often time-sensitive tasks and deadlines that executors must meet, such as filing tax returns for the estate or securing assets, which can add to the stress of the role.

An executor who isn’t prepared to handle these issues can create problems and disputes, leading the administration process to become more complex. Professional legal advice can provide invaluable support, offering solutions and strategies to manage these potential obstacles effectively.