What You Need to Know About Being an Executor to a Will

The creation of a Will requires someone to be nominated as Executor.

Would you know what that role is? Would you be able to choose the best person for your circumstances to fulfil this vital position?

This Frequently Asked Questions article aims to answer many of the questions surrounding a subject that can have ramifications at a significantly upsetting time.

As The Guardian reported, as many as 10,000 people in England and Wales dispute Wills each year. Most are settled out of court, but it can be time-consuming and expensive, both financially and emotionally.

Understanding the subject matter and processes can ease concerns around this and make for a smoother transition from start to finish.

What is an Executor of a Will?

This is the person, or legal organisation, that is responsible for administering your estate after your death, making the selection process all the more important.

Most people tend to appoint a spouse or close family member to be their Executor. However, you may wish to consider appointing a firm of solicitors, such as Winn Solicitors, to act, utilising their expertise and experience.

There are many benefits to appointing a professional Executor, but also implications to be aware of.

Understanding the role of an Executor

The Executor of a Will plays an important role in the administration of an estate. They are handed legal authority to conduct matters, so the person, or people, chosen should be clear on their role and responsibilities, as well as being committed to delivering on the wishes of the deceased.

By acting as the focal point in a potentially complex and lengthy process, they have an influential part to play and must be dedicated to the end outcome.

They will get support from a legal professional, should they choose, but they will be the point of contact and help facilitate matters.

Understanding that position before accepting the role would help avoid future hold-ups.

Responsibilities of an Executor

There are a number of responsibilities and duties of an Executor, including, but not exhaustively, locating a valid Will to help guide the next steps.

They will also need to register the death of the person, apply for Probate, as well as collate information and assets related to the estate, pay debts associated, and distribute the remaining estate to the nominated beneficiaries.

If you are an Executor of a Will, you can employ the services of a legal professional to assist you with all of these tasks and provide a better understanding of an area you may not have come across before.

Appointing an Executor

While living and in the process of making your Will, you will nominate the Executor of your Will. This needs to be at least one person who is 18 years of age or older.

You can appoint more than one Executor, so significant consideration should be given to this decision.

After all, you want the passing on of your estate to loved ones to follow your wishes and be conducted in a way that limits disruption and avoids moments that can lead to disagreement.

Your Executor should be someone you trust to act in your best interests after your death. There’s also the option of appointing a legal professional to handle matters and ensure the distribution of your estate is done correctly and within the confines of legal process.

Discussing the role with your chosen Executor

Although nominating someone is important, perhaps of equal importance is the discussion that should take place with said individual.

By discussing the role with the chosen individual, you can assess their commitment to it, their agreement to take on this role, while also helping them to understand your wishes as clearly as possible.

Forgetting this step can lead to confusion, or even a reluctance of the person to take on the role, something that you can do nothing about after your death.

Can a beneficiary be an Executor?

Can executors be beneficiaries? The short answer is yes, and it’s quite a common occurrence.

More generally, Executors, as required by law, need to be at least 18 years of age. Most are appointed by the deceased while constructing their Will during their lifetime. However, if none is chosen, there are legal processes that choose an Executor.

But their role as a beneficiary does not preclude them from being an Executor.

What does an Executor do after Probate is granted?

Once Probate is granted, an Executor needs to collate the deceased’s assets before settling any debts associated with the estate. What’s left after this is then distributed as per the wishes of the person involved.

Common challenges faced by Executors

Although no-one seeks to source angst, frustration, or disagreement, the process can create moments that can give rise to these emotions.

An already difficult time when grieving, Executors also need to handle not only that emotive burden but also organise the distribution of the estate. With many legal and financial scenarios to navigate, it can be time consuming and hard to comprehend.

The Executor also needs to avoid potential disagreements between beneficiaries, particularly if one feels deserving of more than they’re getting through the decision of the valid Will.

By utilising the skill and experience of a legal professional, many of these potential pitfalls can be mitigated, allowing you to focus on what’s important – grieving the loss of a loved one and finding comfort in those around you.

Exploring conflicts of interest

The overriding task of the Executor is to deliver on the wishes of a valid Will. This should be the sole ambition of the person in the role.

However, some occasions can lead to conflicts of interest. For example, if the Executor is also a beneficiary, they may prioritise their own self-interest over that of the wishes of others and, indeed, the Will itself. This could lead to a challenge of the Will, which can be lengthy and costly to conduct.

Does the Executor have a vested interest in a business that may form part of the estate? It’s a worthy consideration if they either work for, or have shares in, a company that is included in the person’s Will. Is their job at risk if the company is sold? These factors make the decision as to who to select as Executor all the more important.

Legal implications of being both Executor and beneficiary

Although it is quite common for an Executor to also be a beneficiary, it’s important to avoid personal gain at the expense of other beneficiaries.

A proactive approach to being both would be to:

• Do not put your own personal gain ahead of other beneficiaries
• Have a transparent methodology
• Keep in regular contact with beneficiaries so they are sharing in the process
• Ensure beneficiaries have a solid understanding of the next steps and reasoning behind progress up to that point.

This avoids surprises or feelings of the Executor obscuring matters, making sure all involved are just that – involved in the process of distributing the estate.

Benefits of appointing a professional Executor

Appointing a professional Executor, rather than a family member, may take a lot of stress away from your family.

The role of the Executor is significant and can require a lot of work to be done at what is a very difficult time after having lost a loved one. The role may be too much for some people to handle while they are grieving.

There is a lot of responsibility that comes with acting as an Executor - if the estate is not dealt with correctly, the Executor becomes personally liable.

Appointing a professional removes any personal liability from your family members and ensures that someone with professional expertise in administering estates is acting.

Having someone with professional expertise often means that the estate is dealt with more efficiently.

Families can be complicated, and relationships can be strained following a death. Having a professional Executor guarantees impartiality should any difficulties or disputes arise.

Another important benefit is that if there is a Trust within the Will, the professional may also be acting as a Trustee, which can be beneficial to ensure the assets are looked after appropriately.

Implications of appointing a professional Executor

While there are many benefits to appointing a professional Executor, there are some other things that must be considered.

Firstly, you may simply prefer a loved one to deal with your affairs, rather than a solicitor, as it is a very personal matter. A lay-Executor also has the option to instruct a firm of solicitors to help them administer the Estate, without the firm itself being formally appointed as Executor.

Another consideration is legal fees. If a firm is appointed as Executor and proceeds to act, then they will charge fees for doing so.

The fees will often be based on an hourly rate for the Solicitor dealing with the Estate and are usually taken from the assets in the Estate. However, some payments may be required on account.

This is important to consider as there will be cost implications.

It’s your choice

Ultimately, it is a decision for you to make when preparing your Will. You will need to consider the pros and cons that we have outlined in this blog and think about your specific family and financial circumstances to determine whether appointing a professional Executor is best for you.

If you are considering this, we have a useful guide outlining our fees for acting as Executor.

Contact us

If you’re considering a Will and appointing a professional Executor, call our team at Winns for a no-obligation chat about your circumstances.

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