Anca's test

Some people choose more than one executor so that the responsibilities are shared. It can be a good idea to select more than one executor, just in case one executor passes away, or seeks a renunciation of their executor role. Up to four can act at a time, though having that many executors could cause confusion.

In some cases, it might be difficult to find an executor of a will. For example:

• You don’t have a friend or family member who’s willing to be an executor.  
• You can’t afford a professional executor.
• The executors have renounced the will. 

In these instances, the will is still valid but there would need to be a Letters of Administration application. Once the administrator or executor has applied for Letters of Administration – or a Grant of Probate – and are accepted, they cannot resign without the agreement of the court.

A last resort could be to appoint the Public Trustee. This is where a government official acts as an executor, and often happens in cases where the executor would be unable to manage their financial affairs due to a disability.

While a Public Trustee is able to act in a similar way to most executors, they are unable to manage a business in their role as executors, and the estate will have to be solvent.  

You should bear in mind that the role of executor can be a demanding one. Executors are responsible for often complex financial transactions, including the payment of taxes and disposing of property. The main duties of an executor can include the following:

• Paying any bills owed by the estate.
• Working out whether any Inheritance Tax is due, and paying it.
• Applying for Probate.
• Paying any other taxes.
• Valuing and distributing the estate according to the will.
• Making any court appearances required.

Executors may also be responsible for registering the death, informing any relatives, and making practical arrangements for the funeral.

At a minimum, making a will should take two weeks, but in reality, the whole process can take several months or even longer. Delays can occur because the testator has to arrange to meet the solicitors – if taking the traditional route – before receiving a draft copy, with the potential for changes.

1. Check the latest will

You should first check that the will you’re using is the latest version, and that you’re named as an executor. You should carry out a thorough search of the deceased’s paperwork, and, if they have a solicitor, contact them to make sure there isn’t a more up-to-date version of the will.

2. Check for any funeral plans

Check the will and paperwork to see whether the deceased had any insurance or a pre-paid plan that will help pay for their funeral.

3. Make funeral arrangements

Also check to see whether the deceased left any specific requests or instructions relating to their funeral. As the executor you will be responsible for paying for the funeral, in the absence of any insurance, though you will be able to claim this cost back from the deceased’s estate. The deceased’s bank may also agree to release enough money from the estate’s accounts to cover these costs.

4. Value the estate

To do this you need to be clear about precisely what the deceased owned, and what they owed. You’ll need to check through all their paperwork to track down banks, insurance companies, employers, pension providers and utility suppliers to notify them of the death, as well as HMRC, the Department for Work and Pensions and the local council. You should also take this opportunity to find out how much the deceased owed or was due from them when they died.

5. Apply for Probate

A Grant of Probate gives you permission to administer someone’s estate after they’ve died. You have to apply for this by completing a form from the Probate Registry. Before you can apply for grant of probate you’ll need to have paid any Inheritance Tax due. Once this is done, you can apply to the Probate Registry to gain the legal authority granted by probate to deal with the deceased’s assets. When probate is granted you should send copies of it to any organisations which hold some or all of the deceased’s money and ask them to release it to you.

6. Place a deceased estates notice

Once you’ve obtained the grant of probate, letter of administration or death certificate, you can place a Deceased Estate Notice with The Gazette – the UK’s official public record. While this isn’t a legal obligation, the advantage of doing so is that it can alert creditors to make any claims on unpaid debts, which shows that you’ve taken reasonable steps to repay the money if any disputes occur. When the notice is placed, creditors have two months and one day to make a claim.

7. Open an executor bank account

This ensures you have a bank account where you can hold the financial assets of the deceased.

8. Pay off any outstanding debts

Once you have collected all the money, you must pay off the deceased’s debts before distributing any of it. This will include any Income Tax and other tax owed, so tax returns will have to be completed first.#

9. Distribute the estate

You’ll need to make the distribution according to the will. This could include remaining money, property and possessions.

10. Complete the accounts

These would show all the deceased's financial assets, what was paid out and how the remainder was distributed. They will need to be approved and signed by the beneficiaries of the will.

Depending on how much the estate is worth, there may be Inheritance Tax to be paid. You’ll have to pay this and prove it’s been paid, or that there is none due, before you can apply for a Grant of Probate.

If there is Inheritance Tax due you’ll need to complete the tax form IHT400. If there is no Inheritance Tax due, you’ll need to complete the form IHT205.