EXECUTORS

The law requires that someone takes responsibility for a person's estate and ensures that it is passed onto those entitled. The person or usually people ( there can be up to four ) are called the Personal Representatives (PRs) . In a Will they are usually called Executors. If there is no will they are known as Administrators. It is obviously sensible to appoint someone you can trust and advisable to have two. They can be members of your family or professional executors such as solicitors.

The Executors role is administer the estate. This means to collate the assets of the deceased and have them valued, whether it be shares, property or any other valuables and attend to the formalities of making claims under any insurance policies pensions, etc.

There are essentially four responsibilities that the PRs ( Executors ) have:

a) To value the estate. This includes bank statements, shares, cars, jewellery, house and furniture. Depending on the net value of the estate ( i.e. total assets less liabilities) an Inland Revenue form may need to be completed and if inheritance tax is required to be paid the Executor must arrange payment.

Attending to such formalities can in very large estates be far too complex for a family executor to deal with. Even in moderate size estates the formalities can be cumbersome particularly when the executor is a close relative and is also in an emotional state having suffered the loss of a loved one.

It is therefore recommended in some estates that a professional executor is appointed to act jointly with a family member. This ensures impartiality and also safeguards against fraud and negligence by a family executor acting alone.