Guide to being and appointing an Executor - gw.legal · PDF filethe Administrator of your estate. ... The role of Executor in a Will is a very important appointment. The ... Set up

An Executor is responsible for implementing your wishes

Guide to being and appointing an Executor

Call us free on 0800 999 7430 or visit www.goldsmithwilliams.co.uk/wills

An Executor is the person who deals with and administers your estate when you pass away. It is their job to ensure your assets are passed on to the people (the Beneficiaries) you wanted to receive them (as detailed in your Will).

What is an Executor?

Why do you need one?It is a legal requirement for someone to administer your estate on your behalf. Your Executor may need to obtain a Grant of Probate before your estate can be shared out between your chosen Beneficiaries.

What happens if I don’t have one?If you do not make a Will and name an Executor, someone will need to nominate themselves to act as the Administrator of your estate. There is a statutory list of entitlement as to who can apply for this role and there is no guarantee the person you would have wanted to fulfil the role will be able to do so. This is why it is best to write a Will and name an Executor.

By not naming an Executor, this allows for the opportunity for more than one person to try and take on the role. Should this happen, the estate administration could be severely delayed and your Beneficiaries left to wait before receiving their inheritance.

Once an Executor is nominated, they will then be required to apply for the Letters of Administration in order to distribute your estate under the Rules of Intestacy. The Rules of Intestacy determine who will inherit what from your estate.

Who can be my Executor?You can name anyone as the Executor of your Will provided they are aged 18 or over and have full mental capacity. This can include a Beneficiary, a Trustee, a family member, a friend, a Trust Corporation or a professional person (e.g. Solicitor or Accountant). Typically, people decide to select their partner or spouse and a professional person as their co-Executors. A Professional Executor can provide the objective support, expertise and knowledge needed at this emotional time.

It is not essential to appoint a professional person as one of your Executors. However you may wish to do so if your estate is particularly complicated or if there is the likelihood of conflict between your Beneficiaries. Please be aware though that Professional Executors will charge you for the work they do. You should obtain details of these charges before you appoint a professional as your Executor.

Details of our charges are contained in our Terms and Conditions. The Terms and Conditions download is available from our website: http://www.goldsmithwilliams.co.uk/wills Alternatively, we can email or post you a copy upon request.

How many Executors do I need?Most people name one or two however you can have more, but no more than four can take out a Grant at the same time

What do Executors have to do?The role of Executor in a Will is a very important appointment. The person(s) you choose are ultimately responsible for implementing your wishes, ensuring everyone you want to benefit does so, after first making sure any debts have been paid.

They will need to organise the following:

Obtain the Medical Certificate

Register the death so that a Death Certificate can be issued

Arrange the funeral and carry out any wishes regarding transplantation, donation or experimentation

Locate and keep safe the original Will

Make sure any children of the deceased are cared for

Make sure any pets of the deceased are cared for or re-homed

Secure the personal belongings and property of the deceased and keep any property insured

Make a list of all assets and liabilities of the estate

Confirm if a Grant of Probate is required and if any Inheritance Tax or other taxes are applicable and make any claims for reliefs due to the deceased’s estate

Set up a separate Executor/Trustee account to hold all the estate monies

Notify all necessary person(s) about the death including:

a) H.M. Revenue and Customs

b) The Department of Work and Pensions

c) Employers

d) Banks

e) Building Societies

f) Insurance companies

This is called ‘administering the estate’

Prepare the estates accounts and pay all debts

Trace and notify the family and all Beneficiaries of the deceased and make sure the Beneficiaries receive their gifts under the Will. This is called ‘distributing the estate’

An Executor ensures everyone you want to benefit does

What will it cost?As an Executor, if you incur any expenses in carrying out your role, you are entitled to recover these costs from the estate. You cannot charge for the work you do.

Many Testators (the person who has made the Will) leave their Executors something in their Will, in recognition of the amount of work that has to be done to administer and distribute an estate but this is by no means compulsory.

However, if a Professional Executor is appointed then they are entitled to charge for the work they do. They should tell you before you decide to choose and name them in your Will, what their current charges are and give you an idea as to what it may cost your estate to have them act as an Executor in your Will.

You don’t need to have a professional person named as your Executor but it is advisable if your estate is large or complicated or if there is or may be conflict within your family.

Professional Executors will charge for the work they do

If you have any questions about anything in this leaflet, please call our Wills team on:

0800 999 7430

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Goldsmith Williams Solicitors / Mersey Chambers / 5 Old Churchyard / Liverpool / L2 8GW

DX address 14186 Liverpool. Goldsmith Williams is authorised and regulated by the Solicitors’ Regulation Authority under number 48089 © Goldsmith Williams Solicitors.

0098/003/230512