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Executorship Services

Executorship Services

As well as considering how an estate should be distributed, someone making a Will needs to give thought to appointing an executor of the Will, who will be responsible for administering the estate. An executor can be a family member, friend or professional, such as a solicitor. The executor should be chosen carefully and must be willing and capable of carrying out the role.

The Executor’s duties

An executor is responsible for administering the deceased’s estate in accordance with the terms of the Will and the law. The executor’s duties include:

  • Precisely valuing the estate assets and collecting them when the Grant has been obtained;
  • Accounting for all gifts or transfer of assets made by the deceased in the seven years before their death;
  • Ensuring all tax matters are dealt with, including Inheritance Tax, Income and Capital Gains Tax returns;
  • Administering the estate and keeping it safe during the estate administration;
  • Paying for the funeral and other debts of the estate;
  • Preparing estate accounts and distributing the estate to the beneficiaries named in the Will.

Who should be appointed an executor?

You can appoint one executor and up to a maximum of four. Substitute executors can also be appointed should the original executor be unable or unwilling to act when the time comes.

The executors should be over 18 and preferably not be bankrupt or in prison.

The executors should be organised, business-like, good with financial matters and willing to dedicate considerable amounts of time to the administration of the estate. Probate and Estate Administration typically takes between 9 to 12 months to complete and a lot of work is required during this time.

The executors should ideally be resident in the UK, as it will be difficult for someone living abroad to carry out the required duties in a timely manner. Furthermore the estate administration can potentially become protracted and very cumbersome if too many executors are spread over a wide geographical area.

Executors should not generally be chosen from an older generation as they may not outlive you.

What does it mean if I have been named as an executor?

Being named as an executor in a Will is a big responsibility. There are practical, immediate steps that need to be taken to safeguard the estate, as well as the long term duties of valuing the estate, applying for the Grant, gathering the assets and settling all taxes and liabilities.

As executor, you are responsible for paying all the beneficiaries. However, you need to ensure all taxes are paid and debts are honoured, as an executor can be held liable for mistakes and oversights if things go wrong, even if those mistakes were made in good faith.

You are not obliged to take on the role of executor. As it is a role for life, you should therefore think carefully before committing to taking on the role and before taking any steps in relation to the estate. If you do decide to commit to the role, you can instruct a professional to assist you so that the estate is administered correctly.

How can we help?

At NewLaw Solicitors we can ease the burden for your loved ones if you choose to appoint us as executors. Our executorship service is carried out through our trust corporation, NewLaw Trustees Limited.

The benefits of appointing us as executor:

  • We are independent, which can minimise conflict between beneficiaries;
  • The estate is administered by a regulated law firm, and our executorship service is carried out by specialist probate lawyers who have considerable expertise and who work to high quality standards;
  • We take away the worry, stress and hassle for your loved ones;
  • We take on the legal responsibility and ensure that all the legal, tax and administrative responsibilities are completed;
  • The Will will be interpreted correctly and the estate distributed to the right beneficiaries;
  • We charge fixed fees based on complexity and value of the estate, which are agreed with the family before we start administering the estate.

Alternatively, if you are an executor and you are worried about personally taking on the legal liability for the estate, you can appoint NewLaw as attorney personal representatives. We will be named on the Grant of Representation and will work in partnership with you every step of the way.

The NewLaw Executorship Service includes:

  • Identifying and tracing the assets (e.g. house, savings and shares) and liabilities (e.g. loans and mortgages) of the estate;
  • Corresponding with the beneficiaries during the estate administration period;
  • Finalising the deceased’s income tax affairs;
  • Settling any inheritance tax liability;
  • Obtaining the Grant;
  • Collecting the assets and paying the debts;
  • Handling the sale of any property;
  • Transferring all jointly held assets;
  • Preparing the estate accounts;
  • Distributing the estate to the beneficiaries.

Our lawyers have many years of experience and can advise you more about our service in detail.
Call us on 0333 920 0867

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