Legal News | 21.02.25

Acting as an executor – the initial considerations

At some stage in your life, you may be asked to act as executor for a close friend or family member who is writing their Will (the testator).  But, what does this actually mean for you when the testator dies?

An executor is:

• the person responsible for dealing with the administration and distribution of the estate of the deceased in accordance with the deceased’s wishes;
• responsible for applying for the grant of probate (where required);
• the person required to collect in the assets owing to the estate and pay the liabilities the estate owes (which includes any inheritance tax owing to HM Revenue & Customs).

An executor can:

• be a family member;
• be a beneficiary. A common misconception is that an executor cannot also be a beneficiary.  In fact, they can be (providing they have not also witnessed the Will);
• renounce! If, on the death of the testator, your circumstances have changed and you no longer wish to act as an executor, you are within your rights to renounce. A solicitor can advise and prepare the necessary paperwork for this.

An executor must:

• act in the best interests of the estate and the beneficiaries;
• be aware there are risks involved as they could be held responsible for any outstanding debts or have to deal if there are claimants who come forward to contest the Will.

Of course, if you are acting as an executor, you can instruct a solicitor to assist you with the administration of the estate.  If you are an executor and need assistance or guidance with any of the above, the Private Client Team at Wansbroughs are here to help.