Published on: 21st December 2020

What power does an executor of a Will have?

Being an Executor means someone has  chosen you to ensure that their wishes are carried out when they die. We know it is an important job, but what power does an Executor of a Will have? In this article we will discuss in more detail what an Executor of a Will does and the power they have.

What does an Executor of a Will do?

 An Executor has a number of important responsibilities and duties. Some of these may include:

• Reviewing funeral arrangements and making sure costs are covered.
• Locating the original Final Will.
• Reviewing the estate and making sure everything within it such as cash from bank accounts and pension payments are identified.
• Identifying the correct beneficiaries.
• Making sure assets are valued and, if necessary, getting specialists in to value assets such as the family home, collectable items or shares.
• Checking the estate for debts and liabilities such as credit cards, mortgages and loans. Resolving queries with DWP and HMRC.
• Completing any Inheritance Tax forms and, where appropriate, dealing with any Inheritance Tax that may be due.
• Applying for a grant of probate.
• Making distributions in accordance with the terms of the Will.
• Drawing up estate accounts for the beneficiaries. This is important to demonstrate to them that everything has been accounted for.

As you can see, being an Executor of a Will is not just very important, it is extremely time consuming. This is often a reason why many people who are named Executors of a Will speak to Casey & Associates to help administer an estate on their behalf. Executors should make this decision if they either do not feel comfortable with the paperwork of administering an estate, or feel it is too much work on top of their day to day work and living.

So what power does an Executor of a Will have?

Now you know what an Executor of a Will does, what power do they have in practice? An Executor must carry out the administration of an estate with the best interests of the beneficiaries in mind so although they can make decisions, they need to be aware they are making these on behalf of others.

The Executor can then access the bank account information and financial records of the deceased, although this is only to allow them to be able to calculate the assets of the deceased, assess the debts of the estate and thus estimate Inheritance Tax. Once HMRC has reviewed the calculations they will allow the process to go to the next stage which is the application for the Grant of Probate. If Inheritance tax is due it needs to be paid at this point. Sometimes an Executor will need to get a bank loan to pay the Inheritance Tax due. Once the Grant of Probate has been obtained the Executor can start to gather in the assets, pay the creditors and distribute to the beneficiaries.

An Executor must act in the best interests of the beneficiaries and could be personally liable if any mistakes or errors are made. Our advice to anyone who is appointed as an Executor is, therefore, to carefully consider whether it is a role they should be taking on. If they have time and are confident with paperwork and financial matters, then maybe it is something they can do themselves. If, however they are unsure about any aspect of the role or are very busy with other commitments then we would recommend they speak to a member of the team at Casey & Associates who can help handle the Estate Administration for them.

If you have been named as an Executor of a Will and are concerned that you cannot fulfil the role, or would like the help and support of a professional, please contact us so that we can give you best advice for  your individual circumstances.

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Our Covid-19 policy is now that if you wish to give instructions or require general information about our Wills, Lasting Powers of Attorney or Trusts then we will carry out a telephone or Zoom appointment. However, if you wish to give instructions to one of our Consultants and you feel that you can only do this at a Face to Face meeting we are offering, at our Consultant’s discretion, a limited number of Face to Face appointments in most of the areas we normally cover (subject to Government advice). To see the areas we normally cover please click here. To arrange an appointment please telephone 01732 868190 or click here.

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