An executor is the person or company named in a will to carry it out. They value the estate, deal with HMRC and probate, pay the debts, and give each beneficiary what the will leaves them.
An executor's main tasks
- Find the will and the assets. Locate the original will and work out everything the person owned and owed.
- Protect the estate. Keep property insured and secure while the estate is dealt with.
- Value the estate and deal with tax. Report the estate's value to HMRC. If inheritance tax is owed, some of it normally has to be paid before probate is granted, and it is due by the end of the sixth month after the death (gov.uk).
- Apply for probate. The grant of probate confirms the executor's authority to deal with the estate. See applying for probate.
- Collect the assets and pay the debts. Close accounts, sell property if needed, and pay what the estate owes.
- Distribute the estate. Give each beneficiary their gift, and their share of what is left.
How long does an executor have?
There is no fixed deadline, but an executor is not bound to distribute the estate before one year from the death (Administration of Estates Act 1925, s.44). This is known as the executor's year. Where the will sets up a trust, for example for a child under 18, the executors may act as trustees for many years.
How can an executor protect themselves?
Before distributing, executors can place notices in The Gazette and a local newspaper, giving unknown creditors at least two months to come forward. After that, they are not personally liable for claims they did not know about (Trustee Act 1925, s.27).
Lay or professional executor?
A lay executor is a family member or friend, who is not paid. A professional executor, such as a solicitor, accountant or trust corporation, charges the estate for their work. Most charge a percentage of the estate or an hourly rate. Digilegal Trustees charges a fixed fee.
Executor or executrix?
"Executrix" was the historical word for a woman executor. We use "executor" for everyone.
Common questions
Can an executor also be a beneficiary?
Yes. It is common for executors to be beneficiaries too, for example a spouse or adult child. A beneficiary should not witness the will, though.
Is an executor paid?
A family member or friend is not usually paid, but can claim reasonable expenses from the estate. A professional executor charges for their work, under a charging clause in the will or, for a trust corporation, under the Trustee Act 2000.