When you write your Will, you should name executors within it, who are the people they wish to deal with their estate on your death. Normally people choose family members, close friends and possibly a professional executor such as a solicitor or accountant. You can appoint as many or as few Will executors(and trustees) as you like, although you need to appoint at least 1. A maximum of 4 executors may take out a grant of probate in respect of the same property, so you should list them in order of priority in the event there are more than 4.
What responsibilities does an Executor have?
Dealing with an estate can be quite a complex process, the main responsibilities are shown here:
- Value the deceased’s estate, this will include house valuations, valuations of personal effects, collation and valuation of financial portfolios etc
- Collect and safeguard the assets of an estate
- Prepare the IHT (inheritance tax) forms and pay any IHT, capital gains and income tax due
- Apply for the grant of probate using the probate application forms with the local probate registry
- Register the grant of probate with any relevant institutions
- Transfer the ownership of any property and close any accounts
- Pay any debts or liabilities owed by the deceased and pay any expenses incurred
- Prepare final accounts for the estate
- Distribute the estate in accordance with the Will or intestacy rules