GUIDE TO WILLS AND PROBATE: So, you're an executor – what happens next?

If you’re named as an executor in a Will, you’re legally responsible for handling the deceased’s estate and carrying out their wishes. An executor is responsible for the deceased’s assets from the date of death until the date everything has been passed over to the beneficiaries.

As an executor, your key responsibilities are to:
• Locate the original Will
• Register the death and organise the funeral
• Deal with the estate. You need to inform the financial institutions, value the estate by collating full details of all the assets and liabilities of the estate, and then prepare the application for a grant of probate which may include completing a full inheritance tax account and arranging for the inheritance tax to be paid
• Finalise the estate. When the grant of probate has been issued, collect assets in, pay tax and discharge any debts and distribute the estate to the beneficiaries.

Can someone decline the role of executor?

If you do not wish to act as an executor you can renounce the role and, if there are other executors or replacement executors, they can continue to act.

Alternatively, you can appoint solicitors to assist and act on your behalf. This is a good idea if the estate is large or complex or there are disputes amongst beneficiaries.

What is probate?

When someone dies, the estate of the deceased goes through a process called ‘probate’. A grant of probate is a court order issued by the Probate Registry which gives the executors legal authority to deal with the estate.

When there is no Will, an ‘administrator’ will be appointed in accordance with the rules of intestacy to undertake the estate administration process and a ‘grant of letters of administration’ is issued by the Probate Registry.

Is probate required?

There are no set rules as to when a grant of probate is required other than it is needed if any assets belonging to the deceased cannot be transferred to a beneficiary without a grant.

Probate is typically needed if the deceased had assets (property, investments, shares, bank accounts) in their sole name.

However, every financial institution has a different minimum value as to whether a grant of probate is required.

Limits can vary but are usually between £5,000 and £50,000.

When is probate not required?

If the deceased owned assets jointly they often pass automatically to the surviving owner and therefore a grant of probate is not required. This would include joint bank accounts or property owned as joint tenants.

Also, if the estate is low in 
value and below the financial institutions’ probate thresholds, a grant of probate will not be needed.

If assets were held in trust or had nominated beneficiaries such as life or pension policies, then a grant of probate is not normally needed.

At Harrison Drury our experienced probate lawyers provide advice on all areas of probate and estate administration and can help you with all stages of the process.