The Executor of a Will is personally responsible for the process of dealing with administration of the deceased’s estate.
The responsibilities and duties of an Executor following a death can be complex and time consuming, especially if there is a need to obtain a Grant of Probate or pay Inheritance Tax. Where a person dies without a Will they are said to die intestate and in these circumstances the law provides who is entitled to administer the estate.
In broad terms the Executor of a Will or, where someone dies intestate, an Administrator, is required to carry out a number of duties, some of which will be practical duties such as ensuring funeral wishes are carried out, securing and insuring the property, advertising the death and so on.
In addition to these practicalities, the law imposes personal liability on Executors to carry out the administration in accordance with the law. This may include:
- obtaining a grant of probate
- paying inheritance tax
- administration period tax
- varying the estate
- setting up a will trust
There are many pitfalls to becoming an executor of an estate and we strongly advise that you seek legal advice in order to avoid the common mistakes and even a financial penalty