In simple terms, an executor is responsible for sorting out the deceased’s affairs. i.e. closing accounts, selling assets, paying tax and any debts and distributing the estate according to the Will.

Firstly, establish what assets are involved i.e. savings, shares, house, insurance policies, jewellery etc. Identify any outstanding debts at their date of death such as mortgages, utility bills, credit cards etc. You will need to go through the deceased’s paperwork to find the information and the next stage then is to establish the value of the debts and assets when the deceased died.

The second step is applying for a grant of probate/grant of representation. This is basically a court sealed certificate which confirms the name and address of the executor and enables them to close or transfer assets. This is something which you can do yourself or you may ask a solicitor to help you.

Solicitors can help with valuations and by drafting the necessary documents and, if appropriate, completing the required tax form. If there is inheritance tax to pay, then solicitors can advise you and discuss how this might be funded. The inheritance tax must be paid before probate can be granted which can cause problems as some assets cannot be accessed without probate.

In summary some of the main duties of an executor include:

• Establishing what is due to the estate and its value
• Paying all debts and expenses
• Paying all taxes due – Income tax, Inheritance Tax
• Declaring any gifts made by the deceased during their lifetime
• Keeping the assets safe and insured
• Informing all utility suppliers
• Contacting pension providers
• Organising the clearance of any property
• Signing all forms and transfers
• Declaring information to be true and correct
• Producing a set of accounts for the beneficiaries
• Providing the beneficiaries with tax certificates on interest
• Pay interest on legacies after one year
• Dealing with the estate in a timely manner
• Setting up any trusts as set out in the Will
• Agreeing legal costs
• Dealing with any claims made against the estate

You don’t have to use a solicitor to deal with a deceased’s estate but it can reduce the pressure and demands on the executor’s time and also provide reassurance that all matters have been dealt with correctly. The costs may well be less than you think and, as solicitor’s costs come from the estate, the cost is effectively shared between the beneficiaries.

How Can Timms Help?

If you need advice on this matter please feel free to contact the Wills & Probate team on 01283 214231 or email legal@timms-law.com.