An executor, also known as a personal representative, is an individual (or professional) appointed by a person in their Will to carry out their final wishes and manage their estate after they pass away. Up to four executors can be appointed.
The executor's primary responsibility is to ensure that the deceased person's instructions, as outlined in their Will, are followed and that their assets are distributed according to their wishes.
If a person has not made a Will, then the person who distributes the estate is called the administrator – here they must distribute the estate in accordance with fixed rules, called ‘intestacy rules’ – not necessarily in line with the deceased’s wishes.
The role of an executor involves various duties, which can include:
Probate Process: The executor initiates the legal process known as probate, which involves proving the Will, identifying and valuing assets, paying debts and taxes, and ultimately distributing the remaining assets to beneficiaries.
Asset Management: The executor is responsible for managing the deceased person's assets during the probate process. This can include safeguarding property, managing investments, and making financial decisions.
Debt and Tax Settlement: The executor ensures that any outstanding debts, bills, and taxes owed by the deceased person or their estate are paid off using the available assets.
Distribution of Assets: Once debts and taxes are settled, the executor distributes the remaining assets to the beneficiaries as specified in the Will. This may involve transferring property, funds, and other possessions to the intended recipients.
Estate Administration: The executor handles various administrative tasks, such as filing required legal documents, notifying financial institutions and government agencies, and closing accounts.
Communication with Beneficiaries: The executor keeps beneficiaries informed about the progress of the estate administration, answers their questions, and addresses any concerns they may have.
Finalising Affairs: Once all tasks are completed, the executor prepares a final accounting of the estate's activities and may have to seek tax clearance from HMRC. Once settled, the estate can be closed, and the executor's duties are fulfilled.