willandprobate.com: Duties of an executor

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• Find Will/obtain copy of the Will – ensure you are named as executor.

 

• Register death (must be done within 5 days of death), obtain death certificate(s). – if inquest a delay is possible. Arrange funeral in accordance with any known wishes. (The registration of death can be undertaken by other close family members or some other member of the family. It need not be executors).

 

• Advise family and friends of death and place notices in local/national press.This is sometimes undertaken by the funeral directors as part of their service.

 

• Ensure deceased’s house/property is secure. If necessary make arrangement to have all utility services disconnected and close accounts.

 

• Ascertain value of assets/liabilities as at date of death. Contact: Banks, Building Society(s), Insurance Companies, DSS etc. ~ Cancel direct debits and standing orders. Stop all other incoming payments from pension funds etc. Obtain valuation of any property and investments (stocks & shares). Contact local tax office – completion of tax affairs.

 

• If net assets exceed inheritance tax threshold, ascertain IHT position. If estate exceeds £5,000, prepare probate and make application to probate office.

 

• Inform all beneficiaries of their entitlement under the Will.

 

• Pay any IHT due.

 

• Pay all probate fees and obtain official copies as required.

 

• Start to collect assets. Send copy of probate to those companies requiring it.

 

• Pay funeral expenses and all outstanding debts/bills.

 

• Pay pecuniary legacies and Specific legacies first, in accordance with Will.

 

• Divide Residue in accordance with terms of Will.

 

• Prepare estate accounts if no claim has been made within 6 months from the date probate was granted, or two months from date of statutory notice whichever occurs the latest.

 

• Obtain residuary beneficiaries approval for accounts.

 

• Distribute residue.    

 

 

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