If the deceased has left a will, then the likelihood is they will have named their executor, although, it’s worth noting that this isn’t always the case.
Probate with a Will
The executor(s) are people who ‘execute’ a will. They will share the estate amongst the specified beneficiaries listed in the deceased’s will. They will also deal with any administrative, legal or tax issues that arise in the process, unless they employ the assistance of a solicitor or specialised professional to help them.
Tasks Involved when Executing a Will
These tasks could include (but, certainly aren’t limited to) the following:
- Opening a bank account on behalf of the estate
- Recording the deceased’s assets – including property and possessions
- Organising the valuation of such assets
- Recording any debts belonging to the deceased – including credit card debts, mortgages and loans
- Other administrative tasks: Such as keeping detailed records and filling out forms
- Applying for probate to prove you have the authority to deal with the estate
- Dealing with tax issues, such as inheritance tax/income tax/capital gains tax
There are certainly a lot of tasks to complete as an executor of a will. It’s sometimes recommended that just one person complete all the administrative/legal tasks, as they will have a whole overview of the process and where things are up to. The other executors will still need to sign off any important documents.
Depending on how complex the case is (for more information about complexities within a probate application, click here) many people decide to hire a professional to help them manage the whole process. To speak to an advisor about how a professional can help, just call our probate helpline on 0808 168 5181
Probate and No Will
If the deceased has left no will, please do not worry. It’s estimated that just 40% of people have a will. There is a legal process in place for when someone dies, and there is no will.
The closest relatives of the deceased are expected to apply for the right to administer the estate. This is called a ‘Grant of Administration.’ It’s similar to the ‘Grant of Probate’, in which it gives a person or a group of people the right to administer the deceased’s estate. They again will be expected to complete the tasks listed above.
It’s worth noting that if one of the beneficiaries of the estate is under eighteen, then two people must act as administrators to the estate.
Essentially, when there is no will, the law will decide who inherits the estate based on a specific process. For example, if there is a living spouse or civil partner of the deceased, the likelihood is they will inherit the estate.
It’s also important to note that if you are named as an executor, there is no legal obligation for you to fulfill these duties.
