Duties of an Executor and Administrator
Executors and administrators shoulder substantial responsibilities and can be subject to financial liability in case of errors in their duties.
What is the role of an executor?
When an individual passes away, the tasks involving the management of their property, assets, finances, and other matters must be addressed, a process referred to as estate administration. In situations where the deceased person has left a will, it designates an executor responsible for overseeing these tasks. If no will is present, the individual in charge of these responsibilities is called the administrator, typically a family member or a close relative of the deceased.
The executor or administrator possesses the legal authority required to carry out these responsibilities and can ultimately be held accountable for any errors.
Furthermore, you may encounter the term “personal representatives” when referring to executors or administrators. This is a broad term used to describe the individuals entrusted with handling the estate’s affairs and therefore is either an executor or administrator.
Here at WHN we offer a Probate Support Service where we will take full responsibility for obtaining the grant of representation to the estate which is an order from the court to provide the personal representatives with authority to administer the estate and undertaking the legal, tax, property and estate administrative work.
Have you been designated as a personal representative?
In cases where the deceased person has left a will, it specifies one or more individuals to act as the executor.
In the absence of a will, the individuals entitled to act as an administrator are determined by probate rules a probate laid out in law. Government legislation also sets out the order of priority in relation to how the estate is distributed.
What are my roles and responsibilities?
Acting as a personal representative entails undertaking complex, challenging, and time-consuming tasks that may span a year or more to complete.
Precision is of utmost importance because the executor holds legal responsibility for administering the estate in accordance with the will’s terms and legal requirements. An administrator must also ensure that the estate is distributed to the correct beneficiaries under the intestacy rules. At the initial contact we will also discuss with you our charges for the work we will undertake, which would ordinarily only need to be paid once we have collected in the assets of the estate. There are no upfront expenses involved. Personal representatives bear full responsibility for their actions or omissions throughout the estate administration process.
Assuming the role of a personal representative can be an intimidating prospect due to the extensive legal, tax, and administrative obligations involved. Such duties persist throughout the estate’s administration and may extend further if there are trusts involved.
To see a full list of the duties of an executor, please download our free useful guide.
If you ever find yourself in the position of being a personal representative it can be quite normal for it to feel very overwhelming, we are here to provide assistance. Our specialist, friendly team can take some of the pressure off you by guiding you through the process with our comprehensive Probate Support Service.
What are the advantages of the Probate Support Service?
We will take steps to identify the deceased’s liabilities and assets accounting to the HM Revenue & Customs and deal with any inheritance tax and applying for the Grant of Representation. Once the grant of representation has been obtained, we would then deal with the payment of any debts owed by the deceased, gain control of the assets by registering the grant with the asset holder, such as for example a bank or building society and convert those assets (where appropriate) into money. Finally, we would also prepare a set of estate accounts which a personal representative is under a duty to provide to the beneficiaries of the estate, showing the balance due to each of the beneficiaries.
Advantages of Our Comprehensive Probate Support Service
- Complimentary initial face-to-face consultation either in person or by a video call with a member of our Probate department.
- Full accountability for securing the grant of representation and managing legal, tax (excluding VAT), property, and estate administration matters.
- Management of interactions with HM Revenue & Customs (HMRC) on your behalf in relation to not only Inheritance Tax but also finalising the Income Tax affairs of the deceased up to the date of death and dealing with any Capital Gains Tax and Income Tax issues which may need to be dealt with during the administration period of the estate.
- Continuous support from a dedicated member of our probate department, who will furnish you with their contact details, remain easily accessible, and keep you well-informed throughout the entire process acting as your sole point of contact.
What is included with our probate Support Service?
Through our probate Support Service, we assume complete responsibility for probate and estate administration tasks, covering the following areas:
- Legal
- Tax
- Estate Administration
- Sale of the property held in the estate or arrange to transfer the property into the name of the names of the beneficiaries.
For full detail on our probate Support Service please contact Stephen Parr on 01706 233439 or email stephen.parr@whnsolicotors.co.uk
