EXECUTORS AND THEIR DUTIES

An Executor is the person you appoint in your Will to carry out your wishes and deal with your affairs. Initially you will probably wish your spouse or partner to be your Executor and then one or two people to act on second death or in the event of both deaths. Your Executor can be a Solicitor, an organization such as a Bank, or an individual (a family member or friend).

The duties of Executors do not start until there is a death.  Then the person named by the deceased in the Will is required to act.

The prime duty is to deal with the estate ~ collect in the assets, deal with the liabilities and transfer the balance to the beneficiaries named in the Will.

 If the estate in the deceased sole name is under £5000 probate is not required;

Sole name means assets only in the deceased sole name ~ joint assets like joint bank accounts and if the house is in “Joint Names” does not count.

All you need do is inform everybody concerned and keep the original Will in safe storage so you or your next of kin can prove who the estate passed to.  This may be particularly relevant if the survivors property has to be sold because the solicitor who deals with the conveyance may require proof it is theirs to sell.

If the estate is over £5000 in the deceased sole name a Grant of Probate is required.

You can do the work yourself and telephone us at any time for advice on dealing with the estate and completing the forms.  You can obtain the probate applications on our web site ~ click on “forms”  and then at the bottom of the page click and print both applications, or telephone your local probate office.  The address is on the botton of the forms page.

If you ask your bank or solicitor to do the work you can expect a bill of say ~ £1000 - £5,000 for a simple estate depending on which bank or solicitor you use.

If the deceased is subscribing to our Company the executors are entitled to a discount on probate work, they could ask us to complete the administration of the estate on their behalf.  I could arrange to complete all the necessary paperwork for about £350 - £500 plus Vat (subject to acceptance).  This includes completing all probate forms, writing to all concerned and preparing a set of probate accounts which the executors are legally obliged to keep for 12 years.   This also includes advertising in the relevant newspapers for creditors to protect the executors against claims after they have given the estate out.


QUESTIONS AND ANSWERS

Q.  What are Executors?

An executor is someone you appoint in your Will to deal with the administration of your estate.   They would be responsible for selling your assets, paying your bills and distributing your estate according to the instructions in your Will.

Q.  Can an executor of a Will be a beneficiary?

Yes - these days, executors of a Will can also be beneficiaries. 

Q.  Who should I appoint as my executor?

It is normal to appoint your spouse or partner as your first and sole executor, and then family members.

Q.  How much will my solicitor charge?

Solicitors fees vary, but you should expect to pay £100 - £200 per hour to deal with the estate.

Q.  Does your company charge to handle probate?

All our subscription clients are entitled to free advice and assistance with all aspects of dealing with probate, ranging from the completion of all forms, to the notification of various institutions holding assets.

Q.  What's the difference between an executor and a trustee?

In most estates today, it is common to appoint the same people as executors and trustees. The main difference is that an executor deals with the estate, closing bank accounts, writing to insurance companies, sorting out the tax and dealing with the accounts while a trustee looks after any money left to a minor beneficiary or makes decisions that maintain the estate if it's to be held in trust.

Q.  Do I have to appoint a Solicitor or Bank as my Trustees?

You can appoint anyone you like.   It is likely however, that when your estate is going through Probate, your executors will in some part require some professional assistance.   Our advice is to choose people you trust and subscribe to W.D.S, ensuring that your executors and trustees have all the free advice they need when required.

Q.  How many Executors can I choose?

You can have as many executors as you like, but the law only allows a maximum of four to act at the same time.   We recommend you appoint two.

Q.  Can my guardians be my executors?

It is very common for the guardians to be executors.   It normally follows if you trust someone to take care of your children, then they should have some form of access to the assets of the estate to provide for them.   It should also be mentioned that there are some instances where the guardian (e.g. an ex partner/parent) should not be allowed direct access to assets, but go through your alternative executors.

Q.  The bank did a free Will for my wife and I, do you think there may be catch?

It may well have been a promotion that your bank was doing but to be on the safe side check to see if they have appointed themselves as executors and, if so, enquire as to their charges.   It may work out to be a very expensive "free" Will with the charges likely to be over £5,000!!

Q.  Does it matter if my Executors live abroad?

No, although it is always prudent to have some executors in the country in which you are residing.