I am an Executor, what do I need to do?

If a loved one or friend passes away and they have named you as Executor of their Will, you may be wondering what that involves. There is a high degree of responsibility attached to the role, from the moment of their death it falls upon you to deal with their Estate (all of the assets and liabilities held by the deceased) which broadly includes:

• Reporting the death and sorting out the funeral, if this has not already been arranged by the family
• Working out what assets make up the deceased’s estate and obtaining valuations at the date of death
• Finding out whether the deceased owed any money that will need to be repaid
• Reporting the value of the estate to HMRC and paying any Inheritance Tax due
• Applying for Probate
• Collecting in the assets and paying any debts due
• Paying any taxes which arise in the course of dealing with the estate, such as Income Tax and Capital Gains Tax
• Distributing what is left of the estate to the beneficiaries named in the Will

There are various other obligations and responsibilities which may arise, and if there is a conflict between beneficiaries the process can become very challenging. Taking on the role of Executor can seem daunting, particularly as it often comes at a time when you will be grieving. We can help to take the strain by guiding you through the process and assisting you to deal with the estate.

For further guidance, please contact Claire Beard on 01604 887454 on by email on claire.beard@maxengel.co.uk