Being named the executor of someone’s will is a big responsibility. As executor, you are in charge of carrying out the wishes stated in the will after the person passes away. This involves a number of duties and obligations. Here’s an overview of what to expect if you become the executor of a will in the UK.
Notifying Beneficiaries
One of the first things you’ll need to do is notify all beneficiaries named in the will that you are the executor. These are people who will inherit money, property or other assets. You’ll need their contact details to keep them updated throughout the process. Many executors send a formal letter to beneficiaries informing them of the person’s passing and that they were named executor.
Working with a Solicitor It’s highly recommended to work with Cheltenham solicitors when executing a will. The solicitor can guide you through all the legal and financial complexities. They can help you determine the estate’s assets and liabilities, navigate tax issues and facilitate transferring assets to beneficiaries. Solicitors in Cheltenham have experience dealing with disputes or challenges to the will, if any arise. They can also ensure you fulfil your executor duties properly.
Valuing the Estate
One of your first steps is valuing all the assets in the estate. This includes things like property, bank accounts, investments, pensions, cars, jewellery and any other belongings. You’ll need to determine current market values. You may need to work with appraisers for some assets. The solicitor can assist with this process.
Paying Debts and Expenses Before beneficiaries can receive their share, you first need to pay any outstanding debts and expenses. This may include mortgages, loans, credit card debt, utility bills, etc. You’ll also need to pay any taxes owed by the estate and fees related to administering the will. The solicitor can help you determine which debts and expenses can be paid and the order of priority.
Distributing Assets to Beneficiaries
Once all debts and expenses are paid, you can distribute the remaining assets to beneficiaries according to the terms in the will. This may involve transferring property deeds, bank accounts and investments, selling property and dividing proceeds, etc. You’ll need to get beneficiaries to sign receipts acknowledging they received their inheritance.
Filing Tax Returns
As executor, you’ll need to file any outstanding tax returns on behalf of the deceased. This could include income tax returns. You may also need to file inheritance tax returns for assets passed on to beneficiaries. Your solicitor can assist you with estate taxes.
Finalising Administration
Once all assets are distributed, you’ll need to wrap up administrative loose ends. This includes closing bank accounts, cancelling services and memberships, and submitting final expenses and taxes. You may need to show the probate court you fulfilled your duties by providing receipts, expense reports and other documentation. The solicitor can help you file the necessary paperwork for closing out the estate.
Being an executor involves significant time and responsibility. But with the guidance of an experienced solicitor, you can effectively carry out the person’s wishes and ensure their estate is properly handled through the process. Keep beneficiaries updated and don’t be afraid to ask your solicitor questions if you’re unsure about anything.
