What Are The Duties Of An Executor?
An executor in a Will is a person or entity designated to carry out the instructions and wishes outlined in the Will.
The executor is responsible for managing the deceased person’s assets, paying debts and taxes, and distributing the remaining assets to the named beneficiaries.
The executor has a fiduciary duty to act in the best interest of the beneficiaries and must follow the laws and regulations governing the probate process.
It is important to choose an executor you trust and who is capable of handling the responsibilities of the role, as they will be responsible for ensuring that the testator’s last wishes are carried out according to the will.
In this blog, we’ll look at some of the most important duties that an executor must carry out.
Executor Powers
Did you know that an executor has the power to choose which solicitor firm they wish to instruct to assist with the administration of the estate?
The executor is not obliged to use the firm holding the original Will.
The executor(s) may have their own solicitor or simply wish another solicitor firm to assist in the administration.
Bennett Griffin can help when another solicitor firm holds a Will, and you are appointed executor or co-executor. Naturally, we would be pleased to provide you with a cost quotation for the work needed after ascertaining your requirements.
You do not even need to collect the Will (and Codicils, if applicable) from the firm holding them, as we can do this for you. All we need is a signed written authority from the executor(s) and a Registrar Copy of the death certificate to request the release of the original Will to us.
This may also cause you to think about your Will and whom you have appointed executor.
Executor Duties
If you have appointed family or friends as executor(s), have you told them you did so?
If you did inform them, are they aware of the amount of work (and time) this potentially involves?
The average time it takes to administer an estate is around 20 hours. Still, it can take significantly longer if complications arise, or the administration is complex.
Should You Choose A Professional Executor?
Non-professional executor(s) can sometimes make mistakes and can be personally liable for those mistakes, which could be costly, not only financially, but can also result in a breakdown of relationships with family/friends.
Bennett Griffin’s lawyers have many years of experience in probate matters.
We can spot potential issues that could arise (or have already happened, but you are not aware) and provide advice and/or solutions to resolve or mitigate any problems.
By appointing Bennett Griffin as your executor, you can be assured that we will carry out the instructions in your Will and we will ensure that the law is correctly adhered to.
You will have peace of mind that everything is being dealt with correctly and that your family/friends/charity(s) will receive their entitlement as quickly and efficiently as possible.
Find Out More About Our Probate Services
If you have any questions about executors – or any part of the probate process – don’t hesitate to get in touch with us.
You can call 01903 229999 or email info@bennett-griffin.co.uk, and a member of our team will get back to you shortly.