Holbeach and Long Sutton solicitor on being a will executor

QUESTION: I have been named as an executor in my loved one’s Will. What do I need to do?

ANSWER: Being named as an executor can be a daunting task and for many it is difficult to know where to begin. The role entails a significant amount of paperwork which can be difficult enough without the added emotional weight associated with the death of a loved one. Three of the main tasks an executor faces are as follows:

1- Locate any and all assets and liabilities of the deceased. Often this involves searching through the deceased’s private paperwork which can be a difficult and time-consuming task, especially if you were not familiar with their financial situation. If any debts are missed that later come to light it is the executor’s responsibility to ensure that they are paid, potentially at their own personal expense if all the assets have already been distributed.

2- Apply for a Grant of Probate from the court. This is often the most complex task an executor will face. If the deceased had significant cash savings, investments or owned property in their sole name, it is likely that a Grant of Probate will be needed to cash in all their assets. The application process involves completing an Inheritance tax form (this form is required even if there is no inheritance tax payable) and a Statement of Truth. The court charges a fee of £215 to process the application and issue the grant plus £1.50 per additional copy of the grant required. This fee is reduced to £155 if a solicitor is instructed to prepare the paperwork.

3- Prepare a set of accounts showing all money coming in and all payments made (such as paying liabilities, court fees, funeral bill etc) while you have been carrying out your duties as executor. These accounts can provide a useful record to show where money came from and went to in case anyone raises questions in the future.

These are just a few of the most significant and time-consuming tasks involved with acting as executor. By agreeing to act as executor you are responsible for ensuring that everything is dealt with properly and therefore, if you feel you need professional help, please get in touch. Our telephone number is 01406 422651 or email info@mossops.co.uk