It’s never too soon to protect your future
Writing a will is so much more than a dry legal task. It’s an opportunity to ensure your wishes are clear and that your loved ones will be looked after, no matter what your age is right now.
A guide for executors
How to navigate being an executor of an estate
If someone has named you as an executor in their will, you may be responsible for dealing with their estate after they die.
This can feel daunting, especially if you have not done it before. You do not need to have all the answers straight away. You can ask for legal, tax or financial support when you need it.
What our Life100+ research tells us
Being an executor can feel harder if you do not know what the person wanted or where to find important documents.
- Only 21% of people had discussed who the executors of their will would be.
- Only 20% had discussed how to find important documents, such as a will.
- 31% of people who had lost a parent wished they had talked more about later-life and inheritance plans. They found it too hard at the time.
- Of people who had talked about their wishes, 34% found part of it hard – mostly how money would be split.
These conversations can be difficult. But they can help an executor understand the person’s wishes and feel more prepared.
An executor is named in a will to deal with someone’s estate after they die.
You may need to:
- find the will and important documents
- work out the value of the estate
- pay debts, bills and tax
- apply for legal authority, if needed
- collect money and deal with property
- share what is left with the people named in the will.
The people who inherit are often called beneficiaries.
If there is no will, an executor cannot be appointed. A close family member may be able to apply to deal with the estate instead.
Your first steps
There can be a lot to do at first. Start with the basics.
- Find the latest will and any important documents.
- Check that the death has been registered.
- Tell banks, pension providers, insurers and other organisations about the death.
- Make a list of the person’s money, property, belongings and debts.
- Keep their home, possessions and important documents safe.
- Let the home insurer know if the property will be empty.
Dealing with the estate
Applying for probate
You may need to apply for probate before you can deal with some assets.
Probate gives an executor legal authority to do things such as close accounts, sell property or collect investments.
You may not need probate if the estate is small or if all the assets were owned jointly. Banks and other organisations have their own rules, so check with them first.
The name of the legal authority and the application process can differ across the UK. A solicitor or probate specialist can explain what applies where you live.
Paying debts and tax
Before sharing the estate, pay its debts, bills, funeral costs and any tax due. This may include Inheritance Tax, Income Tax or Capital Gains Tax.
If the estate does not have enough money to pay its debts, get legal advice before sharing anything.
Keeping records
Keep copies of valuations, bank statements, bills, tax forms, payments and letters.
Clear records show how the estate has been managed.
Sharing the estate
Once debts, tax and other costs have been dealt with, you can usually share what is left according to the will.
Do not share the estate too early. There may still be debts, tax or other costs to pay.
If you are unsure about being an executor
Can I decide not to act as an executor?
You do not have to act as an executor if you do not feel able to do so.
It is best to get legal advice before making this decision. The process can be different if you have already started dealing with the estate.
If there is more than one executor, you may be able to share the work between you.
When should I get professional help?
Professional support may be useful if:
- there is no will
- the estate includes property, a business or overseas assets
- Inheritance Tax may be due
- there is a trust
- there is a family disagreement
- the estate does not have enough money to pay its debts
- you are unsure about your responsibilities.
A solicitor or probate specialist can help with the legal process.
A regulated financial adviser can help with investments, pension benefits or inherited money. They can also help beneficiaries understand their options before making financial decisions.
If someone has died and you have been asked to act as an executor, start by finding the will and making a list of the person’s assets, debts and important documents.
If the estate is complex, the best next step is to speak to a solicitor or probate specialist. You do not have to manage the process alone.
If you are planning ahead for your own family, making a will can make things easier for the people you leave behind. Your will can make clear:
- who you want to deal with your estate
- who you want to inherit
- where your important documents can be found.
Keep your will up to date, especially after a major life change, such as getting married, divorced, having children or buying a home.
Find a financial adviser
Financial advice is not only for people with significant wealth or those ready to make a large gift. An adviser can help you understand your options, consider the needs of the wider family, and create a plan that can adapt as circumstances change.
Important information
This information is intended as a general guide only and is not personal financial, legal or tax advice. Consider taking appropriate financial, legal or tax advice before making decisions about retirement, savings, investments, gifting, inheritance, estate planning or family support.