Appointing an Executor
When you prepare your Will, you will need to consider who you wish to appoint as your Executor.
An Executor is an individual appointed to administer your estate following your death in accordance with your Will. They are legally responsible for the money, property and possessions of the person who has died.
Therefore, it is essential when preparing your Will to consider who you should give this authority to. For example, if your children constantly disagree with each other, you should not appoint all of them to act at once. In this case, it may be wise to consider a third-party to avoid disputes that could hinder the administration of the estate and lead to a costly lawsuit.
It is an onerous task and one that should not be taken on likely.
Renunciation (of a Will)
If an Executor does not wish to take up the role then they do have the option to renounce (stand down). It involves giving up or abandoning the right and title to administer the estate completely but they must not have intermeddled in the estate. If they have, then they will be unable to renounce.
Often this occurs when the named Executor has had very little to do with the deceased’s affairs, or decides that they simply do not have the time or want to deal with an estate.
If an Executor renounces, then there might be a substitute Executor named, and if not then a Residuary Beneficiary can take up the role as an Administrator.
Powers Reserved
Alternatively, the Executor could choose to have ‘power reserved’ to them. This is a legal mechanism under the Probate Rules 1987 that allows an Executor to step back from their duties without giving up the role entirely. This is typically used when an Executor is unable or unwilling to act immediately, but might want the option to act in the future.
If power is reserved, then the Executor will not be actively involved in the administration of the estate, and the remaining Executors will then carry out the administration.
The acting Executor will need to issue a formal notice stating that they will be taking out the Grant of Probate in their name only to the person stepping back. The Grant of Probate will then be issued in the name of that Executor only with a note that the other Executor has had power reserved to them.
Next Steps...
Our private client team can advise you on your options should you be appointed as an Executor and we can assist with obtaining the Grant of Probate on your behalf or carry out the full administration, if you prefer.
For further information on dealing with administering an estate, please contact me on 01332 364436 or via email at s.hilliard@timms-law.com.
