Your chosen Executors will have to administer your estate after you die in accordance with the terms of your Will. You should ensure that you appoint people you trust and that are able and willing to take on this responsibility.
Where there is more than one Executor appointed it is important that they can all work together and get on to ensure the administration runs smoothly. The Executors will be responsible for dealing with your bank accounts, property, shares and other investments, as well as dealing with any debts and other liabilities before they distribute the estate to the beneficiaries.
It is particularly important when appointing Executors that you take into consideration that they must all work together. If, for example, you appoint family members who you know do not get on then it may be sensible to consider alternatives or even Professional Executors such as a firm of solicitors.
Initial tasks for Executors
One of the first duties of the Executors will be to register the death and obtain the death certificate. It will then be their responsibility to arrange the funeral.
The cost of the funeral is a debt of the estate and the Executors will need to arrange to settle any invoices generated. Usually, this can be requested from the bank account of the deceased who may pay it directly to the funeral directors, even if the account has been frozen. If the Executor pays the invoice personally then they can be reimbursed out of the estate provided that there are sufficient funds.
Grant of Probate
It is often necessary for the Executors to make an application for a Grant of Probate in order for the banks and investment providers to release funds. The Grant of Probate will also be needed if there is a property or some shares to sell.
Applying for Probate can take time depending on how complex the estate is so its best to get the balling rolling as soon as possible after the death. Though, usually waiting until after the funeral is also fine.
Distributing the Estate
It will then be for the Executors to arrange for the bank accounts to be closed, any property and shares to be sold. They should also pay inheritance tax due and settle the debts of the estate before distributing the estate as per the terms of the Will.
Expenses
The Executors are not personally liable for the debts of the estate and these should be repaid using the funds in the estate. However, the Executor might find that they incur expenses such as the fee for the death certificates, postage, funeral costs etc. which they can claim reimbursement for.
How Can Timms Help?
If you need advice and guidance on this matter please feel free to contact me on 01283 214231 or via email at legal@timms-law.com.
