What Does an Executor of a Will Do?
What power does an executor of a Will have in the UK? Making a Will isn’t always straightforward, and it involves appointing the likes of trusted executors to manage your estate after death. But what does an executor of a Will do exactly? To learn more about the role of an executor of a Will, continue reading.
What is an Executor of a Will?
An executor is someone named in a Will who is legally responsible for managing the estate of a deceased individual and ensuring their final wishes are carried out accordingly. The role of an executor varies, from dealing with finances to general possessions. While being titled executor allows you to manage your loved one's assets, it can be a tough role to take on.
Who Can Be an Executor of a Will?
In England and Wales, anyone can be an executor of a Will. However, they must:
- Be over 18
- Be someone you trust
- Not have a criminal conviction
- Not be bankrupt
- Fully understand the role of being an executor
Although you can choose anyone to be an executor of a Will, most individuals pick their spouse, children, or close family members - who may also be beneficiaries. A professional solicitor can also be the executor of a Will.
How is an Executor of a Will Chosen?
An executor of a Will is chosen when a Will is being made. The individual making the Will (known as the testator) will appoint one or more executors to handle the administration of their estate once they die. There’s a lot to think about when it comes to choosing an executor of a Will, and seeking legal advice is helpful.
An executor must be someone you trust to manage your estate after you pass away, and it's important to think about their health, age, capability, and how confident they seem to take on the role. If you have someone in mind to be your executor but they don’t seem willing to do it, they may refuse the position, and you’ll need to choose someone else.
How Many Executors of a Will Can You Have?
When it comes to choosing how many executors of a Will you can have, there are a few things to know:
- You can have up to four executors
- You must choose at least one executor
- If you choose one executor, decisions can only be made by them
- If you choose more than one executor, decisions can be made jointly
While it’s entirely up to you, the testator, to decide how many executors you want, it’s important to consider the duties involved and whether having more than one executor could be beneficial. Having multiple executors can help simplify the process of managing your estate, and means your wishes can be fulfilled by one executor if the other is no longer able to due to illness or death.
Responsibilities of an Executor of a Will
What does an executor of a Will do? The role of an executor of a Will can be quite demanding, which is why it’s often advised to have more than one executor to handle the tedious workload. The key duties of an executor of a Will include:
- Locating and keeping the Will safe
- Organising funeral plans
- Informing banks and other institutions of the death
- Valuing the deceased's estate
- Applying for probate
- Paying outstanding debts
- Paying Inheritance Tax (if the deceased's estate is worth more than £325,000)
- Distributing the deceased's estate to beneficiaries according to the Will
The duties of an executor can be lengthy and no doubt challenging at times, but must be completed in the best interest of the deceased and their beneficiaries (which in most cases are also the executors). It's important to note that although executors have a form of power, they cannot change what's stated in the Will.
Can’t Find an Executor?
Finding an executor of a Will isn't always easy. If you're unable to find an executor due to a lack of friends or family members willing to take on the role, a government official called the Public Trustee can take on the responsibility. Learn more about appointing the Public Trustee in your Will. However, Bell Lamb & Joynson would be happy to act as your executor.
Key Takeaways
- An executor of a Will has a range of duties from valuing the estate to applying for probate, paying debts and taxes, and distributing the estate to beneficiaries
- You must choose at least one executor of your Will
- You can appoint Bell Lamb & Joynson to take responsibility and act as your executor
Seeking Support Choosing an Executor of a Will
At Bell Lamb & Joynson, we work closely with clients to make a Will. We understand that making a Will is an important task, and we offer all the advice, guidance, and support needed during this time. If you're seeking legal assistance while creating a Will and choosing a trusted executor, we can help.
Our highly experienced team ensures your Will is professionally drafted, helping you state who will inherit your estate and what your funeral plans may be. We can also advise you on who to potentially choose as an executor, what qualities to look out for, and what to consider during your decision-making.
To speak with our dedicated team of Wills & Probate solicitors, please don’t hesitate to contact us today.