When you make your Will you will be asked to name Executors for your estate. For most people this will be their children or family members. These Executors are legally responsible for administering your estate in accordance with the terms of your will AND crucially, the law.
An executor has significant responsibilities. When someone dies if you are named as their executor you are automatically responsible for estate administration. However, in order to obtain official authority to deal with their assets you will probably need to apply, through the courts for a grant of probate.
The executor will then collate a full picture of the value and extent of the estate. If inheritance tax is payable it will need to be paid if not in full then in part. They can then collect in all assets, pay any debts and distribute the remaining.
Oh, and executors are PERSONALLY LIABLE for any mistakes made… unpaid tax, incorrect distributions, missed debts… anything. Meaning that HMRC, your beneficiaries or those wishing to collect monies owed will expect payment in full from your executor(s).
So, as you can see the role of an executor brings with it complicated, difficult and time-consuming duties that some may find overwhelming. Particularly, at what will be a highly emotional and stressful time.
With that in mind, if you feel your executors may need some help when dealing with these complicated responsibilities, Future Legal Services can provide advice on all aspects of the Executor role. Your executors will still be obliged to carry out the duties themselves we will just provide a little support when they need it.
We also provide a FULL estate administration service, which would remove ALL responsibilities from your Executors – read more here.