What is an Executor of a Will?
Managing your will can be a long and complicated process. One of the key steps that you must take here is choosing executors for your will. This article will explain what an executor of a will is, why it’s important to have one and who you can choose.
Whether you have been chosen as one for someone else’s estate or if you are selecting your own, this article has been written to help inform you.
What is an Executor of a Will?
An executor of a will is a person who is named in a will that will be charged with managing the estate of the individual who has died. The estate refers to everything the individual owns. This includes:
- Money
- Property
- Possessions
Typically, they will need to apply for special legal authority before they are able to deal with an estate. This is referred to as probate.
What Does an Executor of a Will Do?
What is the role of an executor of a will? They will make sure that all the property of the individual is secured as quickly as possible after the person has died. They will also need to distribute the estate to the parties who are entitled under the terms laid out in the will.
The duties of a will executor include:
- Registering the death
- Getting copies of the will
- Taking responsibility for the property
- Valuing the estate
- Managing finances
- Dealing with assets
- Paying the Inheritance tax
What Power Does an Executor of a Will Have in the UK?
In the UK, the executor has the power to hold probate property for a short time. They do not have any power to take the assets or withhold them for any reason deemed selfish; they can also be a beneficiary of a will.
Who Can Be an Executor of a Will?
Can a solicitor be an executor of a will? This is an option and does provide significant benefits as a solicitor will find it easier to handle the various roles and duties. However, anyone can be named the executor of a will as long as they are over eighteen; it cannot be one of the official witnesses of your will though.
They may also need to pay probate application fees before they can complete the roles and duties that are required.
It is possible to change the executor of your will once they have been selected. However, this will mean updating a will. To change it, you will need to use a Codicil. This is a written amendment that can be used to change the terms without the requirement of writing a new document.
If you need assistance as an executor or would like some advice when it comes to appointing one, please get in touch to discuss your requirements. A friendly, expert member of our team will be happy to assist you.
