Many  people do not understand the importance of the role of an executor before accepting the position. An executor acts as the personal representative of a deceased’s estate. In this role, you will be responsible for locating all the deceased’s assets, identifying and paying their outstanding debts, applying for probate, and maintaining clear communication with the beneficiaries named under the Will. If you fail to act on any of these issues in a timely fashion, then you are personally liable for any loss caused to the estate. You cannot charge the estate for the time you spend acting.

It is important to note that although you may be named as an executor in someone’s Will, this does not essentially mean that you are tied down to the role. It is a big responsibility, and some may realise the role isn’t for them once they understand the scope of the work involved. Whether it is due to your own health, pressures in your private life, or the emotional difficulty of dealing with the loss of a loved one, you are not forced to proceed if you feel unable to cope with the requirements.

If you feel you are unable to fulfil the duties of an executor, you have the right to renounce your position. This would involve correctly completing the required forms to formally step back from your responsibilities.

Additionally, although you may be the one named as executor in a Will, this does not mean you have to administer the estate entirely on your own. You always have the option of seeking help from a legal professional or an attorney. You can remain the executor while allowing a legal professional to handle the administration of the estate.

It may be the best option to instruct a legal professional to act on your behalf. This would ensure that the administration of the estate is completed correctly. In other words, the application for probate is accurate and that all debts and tax liabilities are settled correctly before any assets are distributed. This professional oversight would provide a peace of mind that the deceased’s final wishes are being carried out in full compliance with the law.

If you would like to discuss this further, please feel free to contact any member of our Wealth Management & Taxation Team on 01494 521 301.