What to do if you are appointed as an executor

Being appointed as an executor in a person’s Will can be both an honour and a significant responsibility. An executor is the person legally responsible for managing the deceased person’s estate and their duties include (but are not limited to) collecting in assets, settling debts, paying Inheritance Tax and distributing the estate in accordance with the terms of the Will. If you have been appointed as an executor, you have several options available to you and this article summarises these below.

You may wish to act as executor

If you are happy to take on the responsibility that comes with acting as executor, there are two main ways you can deal with the administration of the estate:

1. Deal with it yourself (DIY probate)

You may decide to administer the estate yourself. This is known as “DIY probate.” This might be suitable for straightforward estates, for example, where there are minimal assets and there are no issues surrounding the validity or interpretation of the Will. Acting as an executor involves several steps, some of which are as follows:
Valuing assets and liabilities

• Valuing assets and liabilities
• Paying any Inheritance Tax that may be due
• Applying for the Grant of Probate
• Collecting in assets
• Settling debts and liabilities
• Preparing estate accounts
• Distributing the estate to beneficiaries
• While administering the estate can save on legal fees, DIY probate also carries risks. Executors are personally liable for any mistakes, even where they are made in good faith

2. Instruct a solicitor

If the estate is more complex or you would simply prefer professional support then you may wish to instruct a solicitor to act on your behalf.

This is especially recommended if:

• The estate is high value
• There are complex Inheritance Tax issues
• The Will is unclear or disputed
• There are overseas assets or business interests
• There are concerns about beneficiaries or creditors

A solicitor can handle the entire estate administration or they can assist you with particular aspects, helping to reduce stress at what is likely to be a difficult time.

Remain as executor but do not act

You might wish to retain the title of executor but prefer not to be actively involved in the process. The two main options available here are:

1. Power reserved

If there are multiple executors named in the will, you can choose to have “power reserved” to you. This means you step aside and allow the other executor(s) to apply for the Grant of Probate and administer the estate, whilst retaining the right to step in at a later stage if necessary. It is a flexible arrangement that keeps you in the background without fully stepping away from your role.

2. Power of attorney

In some cases, as an executor, you may choose to delegate your role to someone else by granting them power of attorney. This can be helpful if, for example, you live abroad or are unable to act due to health or other personal reasons. The person you appoint must deal lawfully with the deceased’s estate.

Do not act as executor

If you do not wish to take on the role of an executor at all, you have the right to step away entirely. This is known as “renouncing”.

Renouncing your role as executor

You can formally renounce your role as an executor by signing a Deed of Renunciation. This is usually final meaning that you cannot change your mind and start acting as an executor at a later date.

Renouncing your role must be done before any work is carried out as executor

If you have started handling the estate (even informally), renouncing might no longer be possible and you may have carry out the administration of the estate. It is recommended that you seek legal advice about your options as soon as possible before taking any steps in the administration of the estate.

How we can help

Before deciding what to do, it is important to consider your available time, the complexity of the estate and the potential legal and financial risks involved.

Our solicitors specialise in advising executors and carrying out the administration of estates. To book a free initial consultation, please call us on 01260 769 639. We offer appointments at our Congleton office or in your own home. Alternatively, meetings can be carried out online (e.g. via Teams).

Our solicitors Natasha Yelland and Paul Clark will be happy to advise you on your options.

This article does not constitute legal advice and we recommend you take advice from a solicitor before taking any action.