What is involved in being an Executor?

Whilst being appointed as an Executor may feel like an honour, it is a role that carries with it great responsibility – and there are many pitfalls to consider. Some of the tasks that an Executor will have to deal with are listed below:

  • If necessary, register the death. Consider how many copies of the death certificate to order, as they cost less if you ask for them when registering the death or appointing a friend OR (not of) family member are much the same

  • If necessary, arrange the funeral. Check the will for any funeral wishes. If the person had a funeral plan, contact the provider immediately.

  • Stop the payment of salary, pensions and state benefits. Advise the issuers of credit cards, passport, driver’s licence, TV licence and act on their instructions.

  • Check whether a grant of probate is needed. Sometimes there is no need to apply for one because, for example, the value of the estate is very small (usually less than £10,000).

  • If the estate value is more than £10,000, arrange an interview at the Probate Registry Office to obtain a Grant or appoint Probate NI to do this on your behalf.

  • Pay any outstanding tax and bills. Place a ‘statutory notice for creditors’ in the press, allowing two months for claims to be made. If this is not done, the Executor will be personally responsible for any claims that arise.

  • Make sure all the property owned by the deceased person is kept safe and secure, as soon as possible after their death.

  • Open a separate executor bank account to receive all monies paid into the estate.

  • Collect all assets and money due to the deceased person’s estate (including property.

  • Get clearance from HMRC for any IHT, Administration Income Tax (tax on income that has accumulated since the date of death) or Capital Gains Tax liability.

  • Pay any outstanding taxes such as Income Tax, Capital Gains Tax and Inheritance Tax and clear all debts (out of the deceased person’s estate)

  • Distribute the estate residue to the Beneficiaries under the terms of the will

  • Draw up estate accounts for each beneficiary, accounting for all the assets collected, income accrued and any liabilities paid.

  • Where appropriate, give each beneficiary an R185 tax form for their share of estate income.

“Clearly the role of an Executor is one of great responsibility, with a degree of complexity that increases in relation to larger estates.

At ProbateNI we recognise that Executors may need a helping hand at times, especially if they themselves are grieving. Unlike most legal professionals, we do not charge an hourly rate for any work that we undertake on behalf of the Executors. Instead we offer a fixed-price service, which keeps the overall administration costs down, thus enabling a greater proportion of the estate to be allocated to the deceased’s Beneficiaries.”