Acting as an Executor

Why has someone appointed an executor?

When a person makes a Will, they choose one or more people they trust to make sure their wishes are carried out after their death.
 

That person is called an executor.
 

By making a Will and choosing you, they have been able to decide whom they would like to deal with their estate, rather than leaving matters to the default rules that apply where there is no Will.
 

Being appointed is an important role, but it does not mean you need to do anything now.
 

What does an executor do?

An executor is responsible for administering the estate after the person has died. This can include:

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• locating the original Will;

• identifying property, savings, investments and other assets;

• establishing any debts or liabilities;

• dealing with inheritance tax and probate where required;

• paying outstanding bills and administration expenses;

• dealing with property or investments; and

• distributing the estate in accordance with the Will.
   

Some estates are very straightforward, while others can be more involved.

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You are not expected to know everything yourself. Executors can obtain professional help with some or all of the administration where needed.

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When does my role begin?

Your role as executor only becomes relevant after the person who made the Will has died.

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Until then, you do not have any responsibility for their finances, property or personal affairs simply because you are named in their Will.

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For now, it is simply useful to know that you have been appointed and where the original Will is being stored.

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Do I have to act?

Being named as an executor does not necessarily mean you will ultimately have to deal with the estate personally.

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Depending on the circumstances at the time, an executor may be able to obtain professional assistance, appoint professionals to carry out much of the administration, or in some circumstances choose not to take up the appointment.

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If the time comes, advice can be taken before making any decisions.

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Why is having a Will important?

A Will does more than simply say who should inherit.

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It allows someone to choose:

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• who should administer their estate;

• who should inherit;

• who should look after young children;

• whether assets should be protected or managed through trusts; and

• what should happen if their first-choice beneficiaries die before them.
   

Without a Will, the estate is dealt with under the rules of intestacy, which may not produce the result the person would have chosen.