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What does being an executor entail?
What does being an executor entail?
Article added Tuesday 18th August 2009
Being appointed as an Executor in a Will brings with it complicated and sometimes onerous duties when someone dies and the work involved often takes months to complete. It is important to do it properly because the Executor or Administrator is ultimately liable for any mistakes made. This is why a lot of people employ solicitors to help them (although there is no requirement to do so).
A Personal Representative or PR is the person who is charged with dealing with all of the assets and possessions of the deceased. These possessions are collectively known as the Estate. The PR has the legal authority and responsibility to administer the estate and is ultimately liable for any mistakes made.
If a Will has been made the PR is known as an Executor; if there is no Will then the PR is known as an Administrator.
Why me?
If you have been asked to be an Executor, you will have been named in the deceased’s Will. Where there is no Will, the position of Administrator is determined in accordance with the Rules of Intestacy (a strict legal order of priority that applies to the next of kin of the deceased).
An Executor can be held personally financially liable for any loss resulting from a breach of their duty - even if the mistake is made in good faith. This will include:
Do I have to accept the job of Executor?
No. So long as you make the decision before any work has started you can decide not to administer the estate of the deceased. An Executor, by renouncing his or her entitlement will not be named on the Grant of Representation. Anyone named as Executor can renounce their role including any professional organisations included in the Will. You can then appoint a solicitor or new professional legal organisation to act on your behalf.
Do I need to use the solicitor who drew up the Will of the deceased?
No. You can appoint anyone who is qualified to administer estates to help you. This could be another solicitor or a Trust Company. Executors are responsible for administering the property and possessions of the deceased in line with their wishes and the law. The Executors are responsible for everything they do, or fail to do, in relation to the estate. This responsibility lasts for the duration of the Administration of the estate and any ongoing Trust created.
The precise duties fall under the following three areas:
Legal
Administration
Tax
