What are Executors?
An Executor is a person appointed in a valid Will or codicil to administer the estate of the testator.
If there is no Will or the person appointed as the Executor is unable or unwilling to act, an Administrator takes on the same role.
Executors and Administrators are sometimes referred to as personal representatives (PRs).
In some cases, the PRs will have to apply for a Grant of Probate also known as Letters of Administration (if there is no Executor). The process is much the same whether applying for either.
PRs duties can sometimes involve a lot of work and some examples are below:
- Registering the death and making funeral arrangements.
- Notify all asset providers and debtors of the estate.
- Applying to the Probate Registry for the Grant or Letters of Administration.
- Encashing assets and paying off debts.
- Selling or transferring property.
- Ensuring any Inheritance Tax, Capital Gains Tax and Income Tax have been settled.
- Distributing the assets to the beneficiaries named in the Will or in line with the rules of intestacy.
Who can you appoint and what should you consider?
- They must be 18 or over and be mentally capable.
- The Executor can also be a beneficiary.
- You can appoint up to four people, but this is not always practical. It is sometimes better to appoint one or two and then have substitutes.
- You can appoint a legal professional such as a solicitor or accountant but there will be legal fees deducted from the estate.
- If appointing an individual, you will want someone who is trustworthy and proactive.
If you wish to discuss having a Will prepared and other aspects which need to be considered, please contact the Private Client team at Anthony Gold Solicitors (020 7940 4000 or Email Anthony Gold)